Normally, owners of firms should try to induce their managers to care:
A. solely about profits.
B. about profits and output.
C. solely about output.
D. None of the statements associated with this question is correct.
Answer: A
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The upward slope of the short-run aggregate supply curve is based on the assumption that ________.
A. prices of inputs are flexible while prices of outputs are fixed B. wages and other resource prices do respond to price level changes C. prices of output do not respond to price level changes D. wages and other resource prices do not respond to price level changes
If the legal reserve requirement is decreased, the money multiplier is decreased
Indicate whether the statement is true or false
A theory can best be defined as
a. an untested assertion of untested fact. b. a collection of assumptions that simplify the real world. c. an opinion of a reliable person who studies a subject or discipline. d. a deliberate simplification of factual relationships that attempts to explain how those relationships work. e. the body of knowledge that has been scientifically verified by the scientific community.
Suppose roses are currently selling for $40 per dozen, but the equilibrium price of roses is $30 per dozen. We would expect a
a. shortage to exist and the market price of roses to increase. b. shortage to exist and the market price of roses to decrease. c. surplus to exist and the market price of roses to increase. d. surplus to exist and the market price of roses to decrease.