Wage increases are resisted by firms because they decrease profits
a. True
b. False
Indicate whether the statement is true or false
True
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Ways to "game" the budgeting process include
a. delaying sales if just short of a target b. accelerating expenses if just short of a target c. delaying sales once a target is met d. delaying expenses costs once a target is met
In the short run, the perfectly competitive market supply curve
a. is indeterminate b. shows the total quantities of resources used by all firms in that market, given the market price of resources c. is the same as the individual supply curve of the dominant firm d. shows the sum of the quantities of output supplied by all firms in the market at each price e. is irrelevant to potential entrants
Which of the following is a valid difference between deflation and disinflation? a. Deflation is a fall in average price levels, but disinflation is a reduced rate of inflation
b. Disinflation is a fall in average price levels, but deflation is a reduced rate of inflation. c. Disinflation is a significant rise in average price levels, but deflation is a reduced rate of inflation. d. Disinflation is a fall in average price levels, but deflation is a significant rise in average price levels.
The main focus of economic studies concerns:
A.) The behavior of successful businesses. B.) The role of money in our economy. C.) How best to allocate scarce resources. D.) The elimination of opportunity costs.