A Macy's or Target store is an example of:
A. a conglomerate.
B. an industry.
C. a multiplant firm.
D. a vertically integrated firm.
Answer: C
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Economics is the social science that studies
A) the real reasons people buy goods and services. B) the psychology of individuals and businesses. C) whether a nation has enough natural resources. D) how people make choices to cope with scarcity. E) how choices made in the social interest could eliminate scarcity.
The circular flow model shows how ______ interact in markets
a. workers and firms b. firms and households c. firms and banks d. banks and households e. households and government
As the supply curve becomes steeper, the proportion of a sales tax paid by the seller
A. gets closer to zero. B. stays the same. C. increases. D. decreases.
In a competitive market economy firms will select the least-cost production technique because:
A. such choices will result in full employment of available resources. B. to do so will maximize the firms' profits. C. this will prevent new firms from entering the industry. D. "dollar voting" by consumers mandates such a choice.