The more complicated a production process is, a. the lower the ...

[rl]

The more complicated a production process is,
 a. the lower the transactions cost of using markets
  b. the lower the cost of production
  c. the more likely the market will be used to organize production
  d. the more likely that transaction costs decrease through centralized control of production
  e. the more likely that transaction costs decrease through use of markets

Question 2

The purchasing power parity (PPP) theory suggests the prices of identical items will equalize internationally. An illustration that supports this theory is the fact that the price of a McDonald's Big Mac is the same around the world.
 a. True
  b. False

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Answer to Question 1

D

Answer to Question 2

B

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