To make accurate economic forecasts, economists must know not only which way the economy is heading but also ______.
a. accurate statistics for the last five years
b. which economic theory the president favors
c. how rapidly the economy is changing
d. the history of past economic policies
c. how rapidly the economy is changing
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The supply of oil is more elastic than the demand for oil. If oil is taxed $10 per barrel, how will the tax be divided between the buyer and seller?
A) The seller will pay more of the tax than the buyer pays. B) The buyer will pay more of the tax than the seller pays. C) The seller and buyer will split the tax evenly. D) The seller will pay the entire tax. E) The buyer will pay the entire tax.
The reason food prices rose so little in 1916–19 was the extraordinary increase in output from the nation's farms
Indicate whether the statement is true or false
Herbert Simon has concluded that decision making in industry is often best described as
A. optimizing behavior. B. profit maximizing. C. satisficing. D. saturating.
The conditions in which vertical relationships can enhance a firm's ability to price discriminate include
a. the manufacturer's product is of value to just one type of customer b. the costs of arbitraging the price differences across markets is large c. the manufacturer acquires the distributer in the higher priced market d. lack of competition provide the manufacturer with the ability to price above marginal cost