Recently Apple Computer developed Apple's new iTunes Music Store, which offers more than 200,000 songs from five major record labels, for use with Apple's iPod and iMac. More than a million songs were downloaded the first week alone! In economic terms,
CEO Tim Cook helped convert capital and labor inputs into products consumers use. Any activity that results in the conversion of resources into products that can be used in consumption is
A) not profitable.
B) a start up venture.
C) demand.
D) production.
Answer: D
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Phantom capital gains occur when _____
a. an asset increases in real terms, but not in nominal terms b. an asset is constant in real terms, but increases in nominal terms c. an asset decreases in real terms and decreases in nominal terms d. an asset is purchased to be used upon an individual's death
An important problem with corporations is
A) the inability of the government to control and tax the firms. B) the possibility of large liabilities for the owners. C) the separation of ownership and control. D) the difficulties with raising financial capital.
Which of the following cost functions exhibits economies of scope when three (3) units of good one and two (2) units of good two are produced?
A. C = 5 + Q1Q2 + Q12Q22. B. C = 50 ? 5Q1Q2 + 0.5Q12 + Q22. C. C = 15 + 5Q1Q2 + 2Q1 + 4Q2. D. C = 10 + 4Q1Q2 + Q12 + Q22.
In the Keynesian model, suppose the Fed wants to keep output unchanged. If the IS curve shifts to the left, and the Fed acts to keep output unchanged, then
A. taxes will decrease. B. the real interest rate will decrease. C. taxes will increase. D. the money supply will decline.