The primary disadvantage of engineering methods for measuring cost functions is that they deal with the managerial and entrepreneurial aspects of the production process or plant
a. true b. false
b
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The Ricardian proposition that international trade will benefit any country ("gains from trade") as long as the world terms of trade do not equal its autarkic relative prices is a straightforward and powerful concept
Nevertheless, it is impossible to demonstrate empirically. Why?
Many of the new pollutants to which the world has been subjected are
A. more visible to the naked eye. B. less malodorous and less visible. C. less dangerous due to new environmental regulations. D. pose less health risks.
For a given, permanent reduction in demand for a product: a. the decrease in price will be greater the more elastic is supply
b. the decrease in price will be greater in the long run than in the short run. c. the decrease in price will be greater the more inelastic is supply. d. none of the above
Refer to the above diagram. Marginal utility:
A) increases at an increasing rate. B) becomes zero at 4 units of output. C) is found by dividing total utility by the number of units purchased. D) cannot be calculated from the total utility information.