The demand for any factor of production in a competitive industry depends on
A. its productivity and the productivity of all other inputs.
B. the amount of the factor that is used and the amounts of all the other factors that are used.
C. the productivity of all the other inputs and how these inputs are valued in the marketplace.
D. its productivity and upon the value of its output in the marketplace.
Answer: D
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A cartel is a group of firms that
A) produce differentiated products. B) produce products that are complements. C) agree to restrict output to boost their profit. D) agree to boost output to boost their profit.
If the Friedman rule for long-term monetary policy were implemented, the result would be
A) inflation. B) neither inflation nor deflation. C) deflation. D) hyperinflation.
A firm wants to stop its sales agents from pricing too aggressively to make sales by requiring the agent to obtain a marketing manager's permission to reduce price below a specific threshold. This solution would only work if
a. The marketing manager has no information about the matter at hand b. The marketing manager can only get all the information on the case from the sales agent c. Enough unbiased information is transferred to the manager to prevent an unprofitable price reduction d. All of the above
The accounting relationship between the budget deficit and the trade deficit may be expressed as ____.
A. G + T = (S + I) + (X? IM) B. G? T = (S + I) + (X + IM) C. (X? IM) = (S? I) ? (G? T) D. (X? IM) = (S + I) ? (G? T)