Businesses often reduce the number of products to produce faster and better
a. True
b. False
Indicate whether the statement is true or false
True
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A cost center is
a. evaluated based on minimizing costs within the division b. evaluated based on maximizing costs within the division c. evaluated based on minimizing profits generated by the division d. evaluated based on maximizing profits generated by the division
If an economy is producing at a point on the production possibilities curve it represents: a. full employment of existing resources. b. the gains from trade that an economy can enjoy
c. the maximum amount of two goods that can be produced with existing resources. d. decreasing opportunity costs of producing both goods. e. overutilization of existing resources.
The quantities of Good M are plotted on the vertical axis while the quantities of Good N are plotted on the horizontal axis. The prices of both M and N fall. The intercepts of the budget line would
A) decline along both axes. B) rise on the vertical axis and also rise on the horizontal axis. C) rise on the horizontal axis but stay unchanged on the vertical axis. D) rise on the vertical axis but stay unchanged along the horizontal axis.
Refer to the information provided in Figure 28.4 below to answer the question(s) that follow.
Figure 28.4Refer to Figure 28.4. The demand for labor rises from D' to D. If firms had entered into explicit contracts with workers that set wages for 3 years, then the wage rate will ________ and employment will ________.
A. remain at $10; fall to 200 million B. remain at $8; rise to 400 million C. rise to $10; remain at 200 million D. rise to $10; rise to 300 million