Studies of human decision-making show that
a. firms are less likely to maximize profits than consumers are to maximize utility.
b. firms are more likely to maximize profits than consumers are to maximize utility.
c. people are irrational more often than they are rational.
d. people are reluctant to change their minds.
d
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The major things to remember about relative purchasing power parity are:
a. Long-run changes in the value of a nation's currency value depend on the country's inflation rate relative to foreign nations, and short-term exchange rate changes depend mainly on interest parity relationships. b. The higher a nation's relative inflation, the higher its currency value will be, and long-run changes in the value of a nation's currency value depend mainly on the country's inflation rate relative to foreign nations. c. The higher a nation's relative inflation, the lower its currency value will be, and long-run changes in the value of a nation's currency value depend on the country's inflation rate relative to foreign nations. d. Changes in relative international money supplies are the major cause of short-run exchange rate movements, and long-term exchange rate changes depend mainly on interest parity relationships. e. None of the above
The major goals of organizational behavior are to
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Two friends, Diane and Sam, own and run a bar. Diane tends bar on Monday, Wednesday, and Friday and receives a wage in addition to tips. Sam tends bar on Tuesday, Thursday, and Saturday and receives only tips. Which of the following represents an implicit cost of operating the bar?
A. Diane's wage. B. Sam's time. C. Diane's tips. D. Sam's tips.
List prices on new cars do NOT change very often, so
A) the real price of cars is very inflexible. B) the prices of new cars can only be flexible if there are changes in the cost of materials. C) price flexibility is not an important feature in the auto market. D) price flexibility shows up primarily through the negotiations between buyers and sellers.