If TR < TC, a firm would ________ in the short run and ________ in the long run.
A. either operate or shut down; contract
B. operate; contract
C. shut down; contract
D. shut down; expand
Answer: A
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Money serves as a basic yardstick for measuring economic value (a unit of account), allowing
A. easy comparison of the relative prices of goods and services. B. goods and services to be exchanged with a double coincidence of wants. C. people to hold their wealth in a liquid form. D. governments to restrict the issuance of private monies.
The table above gives the labor market for a small foreign economy. A(n) ________ would create ________
A) minimum wage of $9.00; a decrease in job search. B) minimum wage of $5.00; an increase in job rationing. C) efficiency wage of $9.00; an increase in job rationing. D) efficiency wage of $8.00; unemployment and job rationing. E) union-negotiated wage of $7.50; unemployment and job rationing.
Refer to the above table. You are given information on Jasmin's consumption for 2005 and 2015. Using 2005 as the base year compute the price index for 2015. The index equals
A) 0.75. B) 73.007. C) 87.50. D) 136.842.
According to the text, "economics tempers the enthusiasm of a manager to focus on the customer" because
A) customers hardly know what they want. B) focusing solely on the customer may ignore other important elements of business success. C) it shows the manager that the greatest benefit to the firm is to sell more. D) it enables the manager to see that any kind of customer focus is not worth the costs. E) it ensures that managers will find equilibrium.