The time between recognizing the existence of a problem and adopting a course of action to deal with the problem is called the
A) impact lag.
B) recognition lag.
C) implementation lag.
D) theory lag.
Ans: C) implementation lag.
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Last year's price level was 120 and since then there has been a 5 percent inflation. This year's price level is
A) 125. B) 126. C) 130. D) none of the above.
Which of the following may require the parties to renegotiate certain parts of a contract if market conditions change drastically?
a. Termination clause b. Omnibus clause c. Adjustment clause d. Reopener clause
The fundamental source of monopoly power is
a. barriers to entry. b. profit. c. decreasing average total cost. d. a product without close substitutes.
A national campaign is asking for contributions of $1.00 per citizen to fund the building of the September 11th memorial in New York City. The total cost of the memorial is estimated to be $260 million. You decide not to contribute, because your contribution would be small relative to the total that it won't make any difference whether you contribute or not. This is an example of the ________ problem.
A. nonrival in consumption B. drop-in-the-bucket C. nonexcludable D. free-rider