A product with qualities that consumers lack the expertise to assess without assistance is called a(n)
A) search good.
B) experience good.
C) credence good.
D) inferior good.
C
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If the reserve requirement is 20 percent and a new deposit of $10,000 in cash is made by a customer to their checking account, by how much are excess reserves increased?
a. $10,000 b. $8,000 c. $4,000 d. $2,000
With respect to timely delivery, how do you achieve a dependability capability?
a. Remove process variability b. Use control with functionality c. Understand business terms that may not be well defined d. Promise longer than needed lead times e. All of the above
The table below shows the number of labor hours required to produce one umbrella and one bushel of corn in the United Kingdom and the rest of the world. What is the opportunity cost of producing a bushel of corn in the United Kingdom? Labor hours to make:In the United KingdomIn the Rest of the World1 umbrella3.002.001 bushel of corn1.000.25
A. Eight umbrellas B. 1/8 of an umbrella C. Three umbrellas D. 1/3 of an umbrella
Answer the following questions true (T) or false (F)
1. If prices rise on average in the U.S. economy, the purchasing power of a dollar declines. 2. Using "chain-weighted" prices to calculate real GDP remedies the distortions causes by changes in relative prices over time. 3. If the GDP deflator is equal to 100, then for that year nominal GDP is equal to real GDP.