Decision making is a process, what is the first step?
a. Define the decision
b. Estimate resources
c. Consider alternatives
d. Imagine consequences
A
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When the value of exports exceeds the value of imports then
A) changes in productivity will occur. B) international trade is in balance. C) the country is running a trade deficit. D) the country is running a trade surplus.
Schumpeter believes that monopolies use their economic profit to
a. control prices b. advertise in order to create brand loyalties c. block the entry of new firms d. pay high salaries to its executives e. develop new technologies, which often leads to lower ATC curves and lower prices
While opportunity cost is subjective, in some circumstances the money paid for goods and services is a good approximation of their opportunity cost
Indicate whether the statement is true or false
Whenever an isoquant exhibits a diminishing marginal rate of technical substitution, the corresponding isoquants are:
A. concave to the origin. B. L-shaped. C. convex to the origin. D. linear.