The tendency of markets to automatically gravitate toward equilibrium is an application of the:
A. Incentive Principle.
B. Principle of Comparative Advantage.
C. Scarcity Principle.
D. Cost-Benefit Principle.
Answer: A
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The demand for novels is _____________ than is the demand for science textbooks because __________________.
A. less price elastic; novels have more available substitutes. B. more price elastic; novels have less available substitutes. C. less price elastic; novels have less available substitutes. D. more price elastic; novels have more available substitutes.
Which of the following statements best defines the economics of the so-called superstar effect in the labor market?
a. This effect will result in cases in which individuals with large productivity differences receive vastly different compensation. b. This effect occurs in cases in which individuals with small productivity differences receive very small differences in compensation. c. This effect occurs when the firm hiring the superstar simply does not understand the term marginal-revenue product. d. This effect occurs in cases in which individuals with small productivity differences receive vastly different compensation. e. This effect usually occurs in industries in which a labor union has far-reaching powers.
Which of the following is included in GDP?
A. The value of an existing house sold during a year B. The value of the steel and aluminum used to produce a new car C. The value of a haircut D. The value of a homemaker's services
Which of the following is true of the management function of directing/leading? Group of answer choices
a. All managers are involved in directing/leading, but it is most important for top- level managers. b. Directing/leading designs the map that lays the groundwork for the other managerial functions. c. Good directing/leading does not require the implementations of deadlines. d. Directing/leading involves determining and administering appropriate rewards and recognition e. Telling employees what to do and when to do it is against the principles of directing/leading.