Consider the following events:
I. Samsung hires associates to market their HDTV sets to Best Buy.
II. The Dallas Cowboys build a new football stadium.
III. eBay fires 10 percent of its workforce.
IV. Ten million stocks were traded on the New York Stock Exchange in one day.
V. Pennsylvania builds a new state park.
Which of the events describe use of factors of production?
A) I, II, III, and V
B) II, IV, and V
C) I and III only
D) IV only
A
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In developing prospect theory, which of the following did behavioral economists not discover about people's reaction to goods and bads?
A. People feel equivalent losses and gains in equal measure, supporting the assumption that consumers behave rationally. B. People are generally loss averse, feeling losses more intensely than gains. C. People judge good and bad outcomes relative to the status quo. D. People experience both diminishing marginal utility from gains and diminishing marginal disutility from losses.
Marshall and Lily work at a local department store. Marshall, who greets customers as they arrive, is paid less than Lily, who cleans the bathrooms. This is an example of
a. efficiency wages. b. a compensating differential. c. human capital. d. signaling.
Carol has just purchased a cereal she saw advertised on TV because of the health benefits contained in the ad. The TV ad is an example of
A. mass marketing. B. direct marketing. C. indirect marketing. D. interactive marketing.
If a German firm produces cars in the United States, that production should count towards
A) U.S. GNP. B) German GDP. C) U.S. GDP. D) both U.S. GNP and German GDP.