When decisions are guided strictly by short-run gains, this is known as
A) opportunistic behavior.
B) the prisoners' dilemma.
C) tit-for-tat strategy.
D) a positive-sum game.
Answer: A
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If the government passed a law designating sea shells as money, sea shells
a. would not be legal tender b. would not function as money because they would be unable to serve as a unit of account c. would not function as money because they would be unable to serve as a means of payment d. would not function as money because they would be unable to serve as a store of wealth e. would function as money as long as they were accepted in exchange for goods and services
If decision makers do not bear the major wealth effects of their decisions, then
A. the same person in the management structure must hold decision management and control. B. the same managers hold initiation and ratification of decisions. C. separate decision makers must hold decision management and decision control. D. decision management is clearly integrated with decision control.
If there are economic profits in a monopolistically competitive industry, they will generally be competed away through the
A) manipulation of the demand curve. B) increasing advertising budgets of existing firms. C) entry of new firms. D) introduction of brand name products by existing firms. E) exit of existing firms.
Interlocking directorates are illegal under the ____ whether or not the effect may be to substantially lessen competition
a. Clayton Act b. Robinson-Patman Act c. Sherman Antitrust Act d. Federal Trade Commission Act e. Interstate Commerce Act