E marketplace can take two different formats, which are Independent trading communities and private exchange.
Usually, the transaction in independent trading communities will be easily visible by others while private exchange tend to be more secretive
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Answer: Option (B) is correct.
Explanation:
Given that,
Cost of new economics textbook = $100
Cost of new CD player = $100
Opportunity cost is the benefit that is foregone for an individual by choosing one alternative over other alternatives available to him.
If the opportunity cost is lower for an individual then this will benefit him whereas if the opportunity cost is higher then this will not benefit the individuals.
As the cost of both the products are identical, so the opportunity cost of buying new economics textbook is the enjoyment of the new CD player.
Answer:
The answer is: $22
Explanation:
In order to calculate the cost of skipping practice, we have to calculate the total sum of the deficit incurred within the period, and this includes the money that would have been earned during that hour of practice if it had been attended (opportunity cost of time), and the admission fee into the carnival. This calculation is shown below:
Opportunity cost of time = $13
cost of admission into carnival = $9
Total cost of skipping practice = opportunity cost of time + cost of admission into carnival
= 13 + 9 = $22
Answer:
A. Wait for real-world events to confirm or refute the hypothesis.
B. Conduct one or more experiments.
Explanation:
Hypothesis by economists can lead to results that can decide economic policy. As such, it is important that they are tried and tested.
One way of testing a hypothesis is the standard method of conducting one of more experiments. These experiments will simulate world settings so that the experiment can be as close as possible to the real world.
Another method is to experience the hypothesis. The economist could just wait for events in the real world to either confirm or deny the hypothesis because the economy is dynamic and has been known to react uniquely to events that it otherwise should not have reacted to. It is therefore likely that it might react in a certain way that will enable the economist test their hypothesis.
Answer:
The answer is option A) A peer-review board for alternative dispute resolution usually consists of: an equal number of employee representatives and management appointees
Explanation:
Alternative dispute resolution is an affordable, less time consuming and less formal way of settling workplace disputes. To achieve this feat, a peer review board is constituted.
A peer review board usually consists of employers and management appointees and it could be a voluntary decision on their art to participate.
The pool of individuals nominated to be part of the peer review board is considered objective and unbiased in their assessment of the issue to be resolved. They are also deemed skillful in the art of listening and arbitration.
