The inflation rate is defined as the
a. price level in an economy.
b. change in the price level from one period to the next.
c. percentage change in the price level from the previous period.
d. price level minus the price level from the previous period.
c
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The circular flow model shows the
A) distribution of income and consumption goods across income levels. B) combinations of the factors of production needed to produce goods and services. C) flow of expenditure and incomes that arise from the households', firms', and governments' decisions. D) flow of natural resources from firms to the private market to government and back to firms. E) distribution of income to the different factors of production.
Opportunity cost is defined as the
A) total value of all the alternatives given up B) highest-valued alternative given up C) cost of not doing all of the things you would like to do. D) lowest-valued alternative given up
Pizza at Home is a frozen pizza company that supplies several large grocery store chains. The managers of Pizza at Home are currently negotiating a four year contract with Saucy Pizza, a manufacturer of pizza sauce. Saucy Pizza will supply a specified quantity of canned tomato sauce to Pizza at Home over a four year period; however; Pizza at Home can ends its contract with Saucy Pizza at the end
of the first, second, or third years if Saucy Pizza does not supply quality tomato sauce. The manager of the Pizza at Home should be most concerned about the quality of the tomato sauce in which year? A) the fourth year B) the third year C) the second year D) the first year
If Big Pools charges an annual membership fee of $500 per person for the use of their pool and charges a $4 fee each time a member uses the pool, this is an example of ________.
A) an all-or-nothing offer B) commodity bundling C) a single pricing scheme D) two-part pricing