Refer to Scenario 1 . If you start the course in such a way that each exam score is worse than your previous average what should happen to your average score? What would happen to your average if the next exam score was larger than your previous exam
score? Explain.
Your average would continue to fall. If you received a score on one examination that was higher than the previous exam score there wouldn't be any way to determine what would happen to your average unless you knew what this score was compared to your previous average, not your previous exam score.
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Explain why in the case of economies of scope the production possibility frontier is bowed outward
What will be an ideal response?
Which of the following statements is true with respect to the concept of dumping in international trade?
a. Dumping is designed to sell off surplus goods, especially agricultural goods. b. Dumping leads to higher competition in the long run. c. Dumping is illegal in the United States. d. Dumping creates toxic wastes in the importing country. e. Dumping can only be practiced by a monopolist.
Sectoral shifts in demand for output
a. create structural unemployment. b. immediately reduce unemployment. c. increase unemployment due to job search. d. do not affect demand for labor.
Henry George advocated a single tax on:
A. real capital. B. entrepreneurial profits. C. land. D. labor income.