A firm that produces its own output is engaging in ________ integration, while a firm that markets its own good is engaging in ________ integration.
A. downstream; upstream
B. backward; forward
C. forward; backward
D. vertical; horizontal
Answer: B
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Over a five-year span, the ABC Co reduced the amount of labor it hired. At the same time, the marginal productivity of labor increased. Which of the following COULD explain this observation?
A) the law of diminishing marginal returns B) labor saving technical change C) organizational innovation D) All of the above.
How does the calculation of GDP include the costs of natural resource depletion that occurs when output is produced?
a. The value of resource depletion is added to GDP. b. The cost of resource depletion is not measured in GDP. c. The cost of resource depletion is added to real but not nominal GDP. d. Resource depletion causes GDP to overstate well being.
Which of the following is not true currently?
A. The United States has an overall trade surplus. B. The United States has a low export ratio. C. The United States has a merchandise trade deficit. D. The United States has a services trade surplus.
In an economy, the price level has doubled in about 70 years. The approximate annual percentage rate of increase in the price level over this period has been:
A. 1 percent. B. 2 percent. C. 3 percent. D. 4 percent.