Which of the following is a long-run adjustment?
A) A restaurant hires a new chef.
B) A company relocate to a new headquarter in another city.
C) A bank hires a new CEO.
D) A company hires ten new management trainees.
Answer: B
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Refer to Figure 8A.1. Suppose that the economy starts with a capital stock of K0. Then total saving is given by point ________ and depreciation by point ________
A) c; d B) b; a C) d; c D) a; b
In a competitive market with large search costs, many firms, and asymmetric information, why is the monopoly price the only possible single-price equilibrium?
What will be an ideal response?
Import standards on specific countries are:
A. used in equal amount to blanket standards. B. easier to enforce than blanket standards. C. more common than blanket standards. D. less common than blanket standards.
Technical and organizational change
A) typically reduces prices by increasing the supply of the product, ceteris paribus. B) typically reduces prices by decreasing the demand for the product, ceteris paribus. C) typically increases prices by increasing the demand for the product, ceteris paribus. D) typically increases prices by decreasing the supply for the product, ceteris paribus.