Which of the following is not a benefit of decentralization?
A. Possibility to increase motivation and productivity
B. Effective use of local knowledge
C. Possibility to shirk and enjoy credits from free riding
D. Conservation of management time
Answer: C
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An intertemporal budget constraint ________
A) describes how much time an individual consumer has to spend their disposable net national product B) is independent of the real interest rate and wealth of the household C) divides consumption spending into three categories: spending on durables, non-durables and services D) describes how much a person can consume today versus tomorrow
An "increase in demand" means that
A) the demand curve has shifted to the left. B) price has declined and consumers want to purchase more of the good. C) the demand curve has shifted to the right. D) the price of the good can be expected to decline, assuming supply stays constant.
Creative destruction is not automatic because:
A. there are major obstacles to the entry of new innovative firms into concentrated industries. B. consumer tastes are highly unstable. C. corporate takeovers increase dynamic competition. D. large firms rarely are technologically progressive.
Suppose the market price for bagels is $1.50 each. If Fresh Bagels Bakery's marginal cost of producing that bagel is $0.75, its producer surplus from that bagel is:
A. $0. B. $0.25. C. $0.75. D. $1.25.