Which of the following is a reason the European Union is considered an imperfect economic union?
a) almost all markets are heavily regulated
b) Products and services are not allowed to move freely between member countries
c) not all members of the union have adopted the euro
d) Factor of production are not allowed to move freely between member countries
Ans: c) not all members of the union have adopted the euro
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Which of the following is used to estimate the average when the data have been collected using an interval or ratio scale?
A) mode B) median C) mean D) maxima E) trend
A firm has established a distribution network for the supply of a raw material critical to its manufacturing. Currently there are two origins for this raw material, which must be shipped to three manufacturing plants
The current network has the following characteristics: The firm has identified two potential sites for a third raw material source; these are identified as Candidate A and Candidate B. From A, the costs to ship would be $9 to Plant 1, $10 to Plant 2, and $12 to Plant 3, respectively. From B, these costs would be $11, $14, and $8, respectively. The new source, wherever it is located, will have a capacity of 500 units. Set up this problem as two separate transportation matrices. (Do not solve the problem.)