An organization producing a wide range of products is more likely to decentralize its decision making process than a firm operating in a single industry
Indicate whether the statement is true or false
T
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When real GDP is ________ potential GDP, the unemployment rate is ________ the natural unemployment rate
A) greater than; less than B) less than; equal to C) equal to; greater than D) greater than; greater than
The most fundamental concept in economics is that
a. changes in incentives influence behavior in a predictable way--people will be less likely to choose an option as it becomes more expensive. b. changes in incentives generally do not influence human behavior. c. goods that are provided by government are free for society. d. individuals generally do not consider other alternatives when making a choice.
The decision that the European Union should have a common currency was made at:
a. Maastricht b. Rome c. Vienna d. London
Suppose Erie Textiles can dispose of its waste "for free" by dumping it into a nearby river. While the firm benefits from dumping waste into the river, the waste reduces fish and bird reproduction. This causes damage to local fishermen and bird watchers. At a cost, Erie Textiles can filter out the toxins, in which case local fishermen and bird watchers will not suffer any damage. The relevant gains and losses (in thousands of dollars) for the three parties are listed below. WithFilterWithoutFilterGains to Erie$200$400Fisherman$180$50Bird Watchers$130$25The cost (in thousands of dollars) of the filter to Erie Textiles is ________, and the net benefit (in thousands of dollars) of the filter to the fishermen and bird watchers is ________.
A. $200; $75 B. $200; $235 C. $310; $200 D. $400; $310