The ultimate purpose of building an economic model is to
a. challenge college students
b. constrain economic agents
c. predict behavior
d. change behavior
e. prevent behavior
C
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What will be an ideal response?
Figure 34-6
?
From the graph in Figure 34-6, the opportunity cost of a unit of bananas is
A. 4 units of corn for England and 1/2 unit of corn for Honduras. B. 1/4 unit of corn for England and 2 units of bananas in England. C. 8 units of corn in England and 3 units of corn in Honduras. D. 4 units of corn in England and 12 units of corn in Honduras.
Suppose a bank has $8 million in deposits and a reserve ratio of 20 percent. Its required reserves are
A) $40,000. B) $400,000. C) $1,600,000. D) $16,000,000.
At Always Round Tire, managers and professional employees are evaluated each year with the Subjective Information Performance Survey (SIPS). SIPS allows bosses to rank their employees on several issues including achieving budget objectives, communication quality, continuing education and training activities, and emphasis of teamwork among subordinates. SIPS software computes means and standard deviations, and benchmarks each employee relative to all others in the same evaluation system. However, nobody at the company believes in SIPS output. Why?
What will be an ideal response?