Why shouldn’t Japan make its main production sector agriculture?
What will be an ideal response?
Japan shouldn’t center its economy in agriculture because of the scarcity of land in the country. Japan is a very small island relative to land-rich countries like the United States and Australia. Thus, in Japan there is a higher cost to using land for agriculture relative to more land-rich countries. This means that Japan would have to produce agricultural products at a higher cost. Japan benefits by focusing production in a less land-intensive industry and importing its agricultural products from countries like the United States and Australia.
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The objective of risk management is to
a. determine the level of risk that is “acceptable” to society b. evaluate and select the best policy approach to achieve the “acceptable” level of risk c. evaluate and select the policy initiative to achieve any level of risk d. (a) and (b) only e. (a) and (c) only
The main argument in favor of Fed independence is that
A) interest rates would probably be lower if Congress controlled the Fed; thus hurting savers. B) the Constitution requires it. C) monetary policy is too important and too technical to be determined in the political arena. D) congressional control of the Fed was tried during the 1960s and did not work well.
Which of the following best represents management's objective(s) in utilizing demand analysis?
a. it provides insights necessary for the effective manipulation of demand b. it helps to measure the efficiency of the use of company resources c. it aids in the forecasting of sales and revenues d. a and b e. a and c
As the use of DVDs becomes more widespread, we would expect all of the following except one. Which is the exception?
a. The prices of CDs will decrease. b. The demand curve for CD players will shift leftward. c. The supply curve of CD players will shift rightward. d. The demand curve for CDs will shift leftward. e. Firms will move their resources away from CD production to DVD production.