A "satisficer" is a person who
a. always chooses the best course of action.
b. often chooses the worst course of action.
c. makes decisions that are merely good enough.
d. studies both economics and psychology.
c
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The size of a firm relative to the size of the market can be referred to as
A) an economic profit guarantee B) a marginal profit factor C) core competency D) economies of scale
The use of chlorofluorocarbons in refrigerators and air conditioners is alleged to cause the destruction of the ozone layer that surrounds the earth and which protects humans from ultraviolet radiation. Output of this substance has been restricted by a licensing system where producers have to bid in the open market for licenses to produce them in specified quantities. This is an example of
dealing with externalities by a. voluntary compliance. b. direct controls. c. taxes. d. the market mechanism.
Suppose a firm has an annual budget of $200,000 in wages and salaries, $75,000 in materials, $30,000 in new equipment, $20,000 in rented property, and $35,000 in interest costs on capital. The owner/manager does not choose to pay himself, but he could receive income of $90,000 by working elsewhere. The firm earns revenues of $360,000 per year. What is the accounting profit for the firm described above?
A. $0. B. -$90,000. C. $200,000. D. $90,000.
Which is the most accurate statement?
A. Our trade problems with Japan and China are very similar. B. Japanese markets have been at least somewhat closed to imports. C. If Japan and China traded fairly, our trade deficits with those two countries would disappear. D. Our trade deficits with Japan and China account for almost our entire trade deficit.