What is corporate culture?
What will be an ideal response?
Corporate culture usually refers to the design of authority and performance in an organization. It also includes customs, taboos, slogans, heroes, and social rituals. Economic reasoning indicates that corporate culture should enhance communication and help set clear and understandable expectations.
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Why do economists tend to create models in diagrammatic form?
A. Diagrams distort reality, and theory is an attempt to avoid reality. B. Because they are unable to construct physical models of their theories. C. Economic reality can only be represented in diagrams. D. Most economists like to draw as much as possible. E. All of these responses are correct.
The figure above shows the U.S. production function. How would an increase in capital be shown in the figure?
A) an upward shift or rotation of the production function B) a downward shift or rotation of the production function C) a movement from point A to point B D) a movement from point C to point B E) None of the above because the effects of an increase in capital cannot be shown in the figure.
Big Roads and Big Pavers are two competing road construction firms. The managers of these two firms should never undertake all of the following actions except which one?
A) agree to submit a high bid on a contract B) agree to submit a low bid on a contract C) agree to the number of contracts the firms will bid on D) share information and experiences from implementing new government safety standards
Monopolists are criticized because they are inefficient. What is meant by this statement?
a. Monopolists charge too high a price. b. Monopolists don't innovate enough to control pollution. c. Monopolists produce a large quantity of waste. d. Monopolists usually don't produce at the minimum of the ATC. e. Monopolists could use their resources better elsewhere.