In which situation might a company NOT want to maximize profit?
A. A small business owner who sells a highly specialized product at a high price in order to compete with more established businesses in the area
B. A family-owned company that has to decide between hiring a family member and hiring a highly-qualified external candidate
C. A conglomerate with a highly streamlined supply chain who sells generic goods
D. A corporation that has performed poorly in the last two quarters and is looking for new upper-management
B. A family-owned company that has to decide between hiring a family member and hiring a highly-qualified external candidate
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All else equal, when oil prices increase, oil exploration processes like horizontal drilling become more advantageous for oil companies, and this will ________ proven reserves of oil and ________ the number of years it will take to deplete the stock
of oil. A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
The federal agencies that examine banks include
A) the Federal Reserve System. B) the Internal Revenue Service. C) the SEC. D) the U.S. Treasury.
Answer the following statements true (T) or false (F)
1. The Trade Expansion Act of 1974 restricted the authority of the president of the United States to reduce tariffs. 2. The rule of origin defines the maximum percentage of a country’s exported product that can be sold in the United States. 3. If trade between the United States and Canada were totally free of restrictions, the incomes of most Canadian workers would decrease. 4. Maquiladoras are export-oriented plants, often along the U.S.–Mexico border, that are exempt from paying import duties on raw materials and parts used in making final products. 5. The Maastricht Agreement calls for a common currency and a single central bank in the European Union.
Efficiency refers to whether a market outcome is fair, while equality refers to whether the maximum amount of output was produced from a given number of inputs
a. True b. False Indicate whether the statement is true or false