Refer to the figure shown, which represents the production possibilities frontiers for Countries A and B. One of the reasons why Country A and Country B are not realistic representations of actual countries is:
A. the production possibilities curves are straight lines; realistic ones would be concave.
B. they only represent two countries.
C. they only represent the production of two goods.
D. All of these statements are true.
Answer: D
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Which of the following would be classified as a fixed cost for the local supermarket?
A) The cost of the boxes of cereal sold in the store. B) The salary and any overtime paid the store's manager. C) The rent from the six-year lease for the building the store uses. D) The Social Security tax the store pays the federal government on the workers' income.
Recalling some historical detail of the chapter, the rapid growth of Boeing was primarily due to
a. competitive pricing policies b. strong advertising campaigns c. a horizontal merger with McDonnell Douglas d. a vertical merger with McDonnell Douglas e. a conglomerate merger with McDonnell Douglas
Which of the following changes in the exchange rate represents a depreciation of the dollar?
a. 100 yen = $1 to 110 yen = $1 b. 1 yen = $.10 to 1 yen = $.08 c. 1 pound = $3 to 1 pound = $4 d. $1 = 25 rubles to $1 = 30 rubles e. 20 euros = $10 to 25 euros= $10
If there is a technology improvement in a unionized labor market, this will
a. decrease the demand for labor, and the union will accept lower wages or fewer workers hired b. increase the demand for labor, and the union will accept lower wages or fewer workers hired c. decrease the demand for labor, and the union will demand higher wages or more workers hired d. increase the demand for labor, and the union will demand higher wages or more workers hired e. not affect the demand for labor, wages, or workers hired