When Sarah watches her baby sister each Saturday, gross domestic product increases.
Answer the following statement true (T) or false (F)
False
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An increase in a firm's fixed cost will not change the firm's profit-maximizing output in the short run
Indicate whether the statement is true or false
Identify the reasons why the quantity demanded of a product increases as the price of that product decreases
a. as the price declines, the real income of the consumer increases b. as the price of product A declines, it makes it more attractive than product B c. as the price declines, the consumer will always demand more on each successive price reduction d. a and b e. a and c
A mechanism for reallocating risk is:
A. risk pooling. B. dividend pooling. C. risk premiums. D. None of these statements is true.
Command systems in the Soviet Union and pre-reform China failed primarily because of:
A. the failure to accumulate and use capital. B. greater resource scarcity than in market systems. C. the failure to specialize in production. D. coordination and incentive problems.