1.Economics is considered practical science because: a.the output level of an economy is mathematically derived. b.the consumers are assumed to make rational decisions. c.the allocation of the scarce resources is done through optimization. d.the marketing strategies are determined by statistical techniques. e.the economic models incorporates every detail of a real-life scenario. 2.The demand for salt in a particular region can significantly increase if: a.the gross income level of the people living in that region increases. b.the price of the salt decreases. c.the price of sugar increases. d.he number of residents increases. e.the cost of producing salt declines. 3.An oil company purchases a fleet of fuel carriers for distribution purpose. This is an example of: a.upstream integration. b.downstream integration. c.conglomerate merger. d.business liquidation. e.horizontal integration
1.Economics is considered practical science because:
a.the output level of an economy is mathematically derived.
b.the consumers are assumed to make rational decisions.
c.the allocation of the scarce resources is done through optimization.
d.the marketing strategies are determined by statistical techniques.
e.the economic models incorporates every detail of a real-life scenario.
2.The demand for salt in a particular region can significantly increase if:
a.the gross income level of the people living in that region increases.
b.the price of the salt decreases.
c.the price of sugar increases.
d.he number of residents increases.
e.the cost of producing salt declines.
3.An oil company purchases a fleet of fuel carriers for distribution purpose. This is an example of:
a.upstream integration.
b.downstream integration.
c.conglomerate merger.
d.business liquidation.
e.horizontal integration.
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