To carry out an optimization analysis:
A) only direct costs incurred in a project are to be estimated.
B) all costs are required to be converted to a same unit of measurement.
C) only indirect costs incurred in a project are to be estimated.
D) different types of costs are measured in different units.
B
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The amount by which people will increase or decrease their purchases when prices change
A) is typically greater in the case of luxuries than in the case of necessities. B) is typically less for business firms than for households because business firms can more easily borrow to maintain purchasing patterns. C) is typically less for business firms than for households because business firms must have certain goods to remain in operation. D) tends to be greater over longer periods of time because it takes time to invent and to discover substitutes. E) will be approximately zero unless the demand also changes.
According to the flexible price framework ________
A) an increase in inflation raises real savings B) an increase in the money supply raises real output C) an increase in inflation lowers real investment D) all of the above E) none of the above