During a recession, unemployment ________, tax revenue ________, and the budget deficit ________.
A. rises; falls; rises
B. falls; rises; rises
C. rises; rises; falls
D. falls; falls; rises
Answer: A
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One of the benefits associated with employee buy-in is that
A. greater use can be made of specific dispersed knowledge. B. upper-level management can enforce their decisions unilaterally. C. employees do not have to take accountability for a decision. D. there are stronger incentives on the part of the employees to implement decisions recommended by themselves.
One assumption of the perfectly competitive model is free entry and exit. This assumption most directly leads to the implication that:
A. positive economic profit is only possible in the short run. B. a long-run equilibrium cannot be achieved. C. firms will compete on the basis of better service rather than lower prices. D. firms will have to spend money on advertising.
A util represents a unit of measurement for the:
A. dollars a consumer spends on a good. B. profit a firm makes from producing a good. C. way a consumer will respond to a change in price. D. happiness a person obtains from consuming a good.
The official poverty level is based on
A. after-tax income, and includes both cash and in-kind government subsidies. B. wages and salaries, plus any unreported amounts of income from the underground economy. C. pretax income, and includes cash subsidies but does not include in-kind subsidies such as food stamps. D. total net worth.