If a firm can create important complements to its original product, it has
a. Created an uncontrollable factor that can change the demand for its product
b. Created an uncontrollable factor that cannot change the demand for its product
c. Created a controllable factor that can change the demand for its product
d. Created a controllable factor that cannot change the demand for its product
c
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It is a conventional practice among apparel retailers to set the retail price of clothing at twice the cost paid to the manufacturer. For example, if the retailer pays $7 for a pair of jeans, the jeans will retail for $14
What must the price elasticity of demand be for this practice to be profit maximizing?
A recession is defined as a period when the
a. real GDP increases less than 3 percent. b. real GDP falls by at least 5 percent in a single quarter. c. nominal GDP declines for two consecutive quarters. d. real GDP falls for two consecutive quarters.
In the expanded circular flow model, households will use their incomes to do all of the following except
a. save b. pay taxes c. buy domestic goods and services d. buy imported goods and services e. invest
The key to assessing the direction of discretionary fiscal policy is to observe changes in the cyclically adjusted deficit.
Answer the following statement true (T) or false (F)