Private ownership and competitive markets are important for economic growth because they provide individuals with a strong incentive to:
a. care for resources and use them beneficially.
b. innovate and introduce new products that are highly valued relative to their cost.
c. produce goods efficiently.
d. all of the above are correct.
D
Economics
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An advantage of using the cross-sectional regression method in estimating production is that
A) the problem of technological change over time is overcome. B) there is no need to adjust data, which are in monetary terms for geographical differences. C) we can assume that all plants operate at their most efficient input combinations. D) All of the above
Economics
If a car salesman is paid a fixed commission when he sells a car, the owner is most likely to see
a. Large margins on sales b. Low margins on sales c. No sales d. None of the above
Economics