The function of economic institutions is to:
a. determine the profit margin of producers.
b. determine how much an economy benefits from trade.
c. define the environment in which we can trade.
d. define the terms of trade between nations.
C
Economics
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The table below shows four alternative techniques for assembling a car. The cost of labor is $20 per hour, and the cost of capital is $10 per hour. Which of the four techniques for assembling a car is not technologically efficient?
A) T-1 B) T-2 C) T-3 D) T-4
Economics
"Cost disease" refers to the tendency for low productivity in the service sector to lead to higher costs in those industries
Indicate whether the statement is true or false
Economics