According to the textbook, which of the following must a firm in a market economy do today to succeed?
A) produce new or better goods or services
B) efficiently organize production
C) produce existing goods and services at a lower cost
D) Market firms today must do all of these things.
Answer: D
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The argument that strategic planning is not likely to be practical due to insufficient information means that
A) because of trade secrets, the government does not know true cost relationships in any given industry. B) if the government had all the relevant information in a given industry then it could decide whether a subsidy would enhance the public's welfare. C) even if the government had all the relevant information in a given industry, it still could not decide whether a subsidy would enhance the public's welfare. D) due to recent cuts in the Department of the Census' sampling budgets, industry surveys are no longer reliable, so that there is no way to determine if a subsidy is in the public's interest. E) the government would need to employ its intelligence agencies in order to gain a complete understanding of the market.
If Sally Smith creates VCU1 by playing an online game, the effect is to cause the nation's:
a. Monetary base to rise. b. M2 money supply to rise. c. M2 money multiplier to rise. d. Monetary base to remain the same.
Which of the following is not an effect of an agricultural price support?
A) a surplus B) fewer exchanges C) higher prices paid by consumers D) government purchase and storage of surplus E) higher-quality products
A country that is experiencing a balance of payments surplus and decides to keep its exchange rate at the current level will:
A. experience a trade deficit. B. gain foreign currency. C. buy more of its own currency. D. lose foreign currency.