Supply chain management refers to
A) the contracts put in place to manage a firm's suppliers.
B) the decisions around which stages of production to handle internally and which to buy from others.
C) how the firm compensates the employees who work on the firm's internal stages of production.
D) the 19th century practice of having barges move downstream with the flow of the river.
B
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Which of these represents an example of citizens who would not typically be counted as unemployed?
A) when your economics professor loses his job and gets a new one at McDonald's B) when your fourteen-year-old cousin loses her summer job in September C) when your neighbor has been out of work for so long that he decides to stay at home and write a novel D) all of the above E) none of the above
A decrease in total revenue will result if
A) demand is inelastic and price increases. B) demand is elastic and price decreases. C) demand is inelastic and price decreases. D) demand is unitary elastic and price decreases.
We might predict that Hawaii has a comparative advantage compared to Russia in the production of pineapples because Hawaii has:
A. a climate more suitable for pineapples. B. more land available to grow them on. C. more advanced farming technology. D. less governmental oversight in the pineapple industry.
Refer to Figure 5.6. Which diagram shows a decrease in income with bread being normal and soup being inferior?
A. A
B. B
C. C
D. D