Centralized decisionmaking is most commonly found in
A. emerging economies and industries.
B. firms that are expanding into other geographical areas.
C. highly vertically integrated firms.
D. stable industrial environments.
Answer: D
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Suppose that the exchange rate between Mexican pesos and dollars is 8 pesos per dollar. If the exchange rate goes to 6 pesos per dollar, it would tend to: a. decrease U.S. exports to Mexico
b. increase U.S. exports to Mexico. c. increase Mexican exports to the United States. d. both (a) and (c)
A perfectly contestable market is one which a firm can enter and exit without losing its investment.
Answer the following statement true (T) or false (F)
If the price elasticity of demand for a good is 4, then a 12 percent decrease in price results in a
a. 0.33 percent increase in the quantity demanded. b. 3 percent increase in the quantity demanded. c. 30 percent increase in the quantity demanded. d. 48 percent increase in the quantity demanded.
Imagine an economy in which: (1) pieces of paper called yollars are the only thing that buyers give to sellers when they buy goods and services, so it would be common to use, say, 50 yollars to buy a pair of shoes; (2) prices are posted in terms of yardsticks, so you might walk into a grocery store and see that, today, an apple is worth 2 yardsticks; and (3) yardsticks disintegrate overnight, so
no yardstick has any value for more than 24 hours. In this economy, a. the yardstick is a medium of exchange but it cannot serve as a unit of account. b. the yardstick is a unit of account but it cannot serve as a store of value. c. the yardstick is a medium of exchange but it cannot serve as a store of value, and the yollar is a unit of account. d. the yollar is a unit of account, but it is not a medium of exchange and it is not a liquid asset.