Wide acceptance of money without intrinsic value comes largely from the fact that it:
A. has a stable value.
B. is convenient to use.
C. is hard to counterfeit.
D. can be used domestically and internationally.
A. has a stable value.
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Which of the following is not an example of an economic trade-off that a firm has to face?
A) whether it is cheaper to produce with more machines or with more workers B) whether it should produce more of its product C) whether or not consumers will buy its products D) whether it is to outsource the production of a good or service
Figure 7-11
Figure 7-11 shows an average cost curve with points on it that correspond to three quantity levels. Which of the following statements must be wrong?
A. The firm’s technology may show increasing marginal returns as production increases from A to B. B. The firm may have positive fixed costs. C. As production expands from A to B to C, the firm may become increasingly difficult to manage efficiently. D. The firm’s average fixed cost may rise as production increases from B to C.
All of the following are exempt from antitrust laws EXCEPT
A) labor unions. B) professional baseball. C) oil companies. D) public utilities.
In reference to industrywide advertising, managers of non-agricultural and non-franchised industry associations face which of the following problems?
A) The participating firms can both free -ride and protest the amount they are asked to pay for the advertising. B) The participating firms can protest the amount they are asked to pay for the advertising, but they cannot free -ride. C) The participating firms can neither free -ride nor protest the amount they are asked to pay for the advertising. D) The participating firms can free-ride, but they cannot protest the amount they are asked to pay for the advertising.