The difference between "saving" and "savings" is that
A. saving is undertaken as a precaution against unemployment and savings are undertaken to increase investment spending.
B. saving is placed in financial institutions such as banks, while savings are kept at home by people.
C. saving is done by households and savings are done by businesses.
D. savings are cumulation of past and current saving.
Answer: D
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The concepts of mutual interdependence and game theory illustrate the fact that firms competing in oligopoly
A) consider the actions of the rivals before changing the price of their product. B) ignore the actions of their rivals when considering price changes. C) engage in frequent price changes. D) never change prices. E) will mutually determine the combined best outcome for all players.
Dell Computers decides to produce PCs and sell them directly over the Internet and via Best Buy. This is an example of
A) incentives. B) a microeconomic decision. C) a macroeconomic decision. D) scarcity.
Which of the following statements is correct?
a. Approximately 50 percent of our national income is allocated to human capital, while the remaining 50 percent is allocated to physical capital in the form of rents, interest, and corporate profits. b. As union membership as a share of the U.S. labor force has declined during the last three decades, the share of national income allocated to physical capital has risen. c. Unions have consistently opposed minimum wage legislation because it tends to cause unemployment. d. During the past several decades, the share of output going to capital has been virtually constant, even though union membership as a share of the labor force has decreased.
In the short run, a perfectly competitive firm will always shut down if total revenue is ____ at all positive output levels
a. less than total cost b. less than total cost but greater than variable cost c. less than total cost but greater than fixed cost d. greater than fixed cost e. less than variable cost