Author Question: Which of the following is NOT true of institutions? A) Institutions affect incentives. B) ... (Read 104 times)

jenna1 · **on:** Jun 30, 2018

Which of the following is NOT true of institutions?

A) Institutions affect incentives.
B) Institutions are determined by individuals as members of society.
C) Institutions are permanent and cannot be changed over time.
D) Institutions act as constraints on the behavior of economic agents.

Question 2

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.