On this production possibilities curve, what product is being produced?
a. hours of study time
b. grades for two classes
c. labor for the professor
d. methods of studying
b. grades for two classes
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Commodities that typically last three years or more are called:
A) durable goods. B) nondurable goods. C) services. D) none of the above.
Suppose a new cost-saving device will forever generate $1,000 net savings per year to a firm. The device costs $10,000. Using the Internal Rate of Return approach, the firm will make the investment
A) definitely. B) definitely not. C) if the interest rate exceeds 10%. D) if the interest rate is less than 10%.
Between 1870 and 1920, the U.S. labor force:
a. grew at about the same rate as the population. b. grew more rapidly than the population. c. fell despite rising population. d. grew at a slightly lower rate than the population.
When an airline reduces its fares, other airlines typically match the action. But when an airline increases its fare, other airlines do not follow suit. Which oligopoly model cartel, price leadership, or kinked demand best fits the airline industry as described? Justify your choice and explain why the other models are less appropriate.
What will be an ideal response?