A profit center is
a. evaluated based on minimizing costs within the division
b. evaluated based on maximizing costs within the division
c. evaluated based on minimizing profits generated by the division
d. evaluated based on maximizing profits generated by the division
d
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If Country A's real GDP is growing at 6 percent per year and Country B's real GDP is growing at 6 percent per year, then the standard of living is
A) growing more rapidly in Country A. B) higher in Country B. C) changing at the same rate in Country A and Country B. D) growing more slowly in Country A. E) changing at the same rate in Country A and Country B only if the rate of population growth is the same in both countries.
New Keynesian macroeconomic theory emphasizes the role of "sticky" prices in the economy
Indicate whether the statement is true or false
Increases in resources or improvements in technology will cause the production possibilities frontier to
a. shift outward b. shift inward c. become a straight line d. become horizontal e. become vertical
Suppose in India, one unit of labor can produce 330 pounds of rice or 110 shirts in a year. In China, one unit of labor can either produce 400 pounds of rice or 200 shirts in a year. Which of the following statements is true?
a. India has a comparative advantage in the production of rice. b. China has a comparative advantage in the production of rice. c. India has an absolute advantage in the production of shirts. d. India has an absolute advantage in the production of rice.