What are the problems with experimentation?
What will be an ideal response?
There are three main problems associated with experimentation. They are:
a) Experiments can get very costly to conduct.
b) Experiments do not provide immediate answers to a number of important questions.
c) Experiments are sometimes conducted poorly, which can lead to inefficient results.
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Over the past year, productivity grew 1%, capital grew 2%, and labor grew 2%. If the elasticities of output with respect to capital and labor are 0.3 and 0.7, respectively, how much did output grow?
A) 1% B) 2% C) 3% D) 4%
The fact that a gallon of gasoline commands a higher market price than a gallon of water indicates that:
A. gasoline is an economic good but water is not. B. the marginal utility of gasoline is greater than the marginal utility of a gallon of water. C. the average utility of a gallon of gasoline is greater than the average utility of a gallon of water. D. the total utility of gasoline exceeds the total utility of water.