When governments choose to favor some industries over others, they undertake:
A. corporate growth policy.
B. corporate pricing policy.
C. industrial policy.
D. industrial espionage.
Answer: C
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Which of the following is not a limitation a person faces when shopping for clothes?
a. The amount of time available to shop b. The person's budget c. The various styles that are available d. The selection of stores e. The freedom to make rational choices
Fixed costs are costs paid for:
a. medical reimbursements and health insurance of workers. b. obsolete plant and equipment not used anymore. c. plant and equipment in the long run. d. hiring temporary workers. e. resources that do not change with changes in output.
Which of the following describes a situation in which demand must be elastic?
a. The price of dish soap rises by 10 cents, and quantity of dish soap demanded falls by 50. b. The price of dish soap rises by 10 cents, and total revenue rises. c. A 20 percent increase in the price of dish soap leads to a 20 percent decrease in the quantity of dish soap demanded. d. Total revenue does not change when the price of dish soap rises. e. Total revenue decreases when the price of dish soap rises.
A large employer gives each new hire an aptitude test, which is scored from 1 to 20. Let T be a worker's score on the test. The firm then pays a new worker a wage of w = 0.6T + 0.4G where G is the average test score for the worker's gender: 16 for women; 12 for men. How much more is a woman paid than a man when both scored a 10 on the test?
A. $0.80 B. $0.40 C. $0.20 D. $1.60 E. $3.20