A widely held theory of bureaucratic behavior is that:
a. government bureaus seek to maximize their budgets.
b. government bureaus operate at a profit.
c. bureaus sell public goods and services in a market.
d. bureaus are more concerned with satisfying consumer demand than are firms.
a
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The figure above shows short-run cost curves for a perfectly competitive firm. If the price of the product is $8, in the short run the firm will
A) make zero economic profit. B) make an economic profit. C) incur an economic loss. D) None of the above answers is correct because more information is needed to determine the firm's economic profit or loss.
Which of the following statements correctly characterizes the colonial commodity trade deficit?
a. The Middle colonies had the largest commodity trade deficit. b. The Southern colonies exported more to Great Britain & Ireland than they imported. c. The colonies experienced commodity trade deficits not only in their trade with England, but also in trade with Southern Europe and Africa. d. The colonies had a commodity trade deficit with Great Britain, but a commodity trade surplus once all trades were taken into account.
Which statement is false?
A. The two basic ways that unions have of exerting power is inclusion and exclusion. B. A smaller percentage of the labor force is members of unions today than 35 years ago. C. Collective bargaining is the main arena of the power struggle between labor and management. D. None of the statements are false.
Refer to the information provided in Table 6.1 below to answer the question(s) that follow. Table 6.1Number of Hamburgers per DayTotal UtilityMarginal Utility130?252?367?476?5?4Number ofSodas per DayTotal UtilityMarginal Utility120?235?347?457?5?7Refer to Table 6.1. Diminishing marginal utility sets in after the ________ soda per day.
A. first B. second C. third D. fourth