One reason a computer manufacturer may make its own microchips rather than buy them is that
a. it can maintain control over the quality during production
b. the total cost of components is the same as the price of chips purchased from a chip manufacturer
c. firms do not make high-quality microchips
d. managers at the computer firm place a high value on their time
e. firms do not produce goods for the market that can be made in-house
A
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The failure of the mercantilism policy and the tax policy during the Great Depression proves that economic policies are meaningless and they do more harm than good
a. True b. False Indicate whether the statement is true or false
If the demand for good A is more elastic than the demand for good B, a small decrease in supply in both markets will cause
a. a much greater increase in price for good A than for good B b. a much greater increase in price for good B than for good A c. the price will increase by the same amount in both markets d. only the price of good B will increase e. only the price of good A will increase
If long-term investments are increasing,
A. current consumption must be increasing. B. interest rates must be relatively low. C. interest rates must be relatively high. D. the people must be experiencing a “defective telescopic faculty.”
Open economies grow more slowly than closed economies
Indicate whether the statement is true or false