If the demand for a product increases, but the supply for the product stays the same, which of the following would happen?
a. There will be a scarcity of the product.
b. There will be an equilibrium quantity of the product.
c. There will be a shortage of the product.
d. There will be a surplus of the product.
c. There will be a shortage of the product.
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Sonia works at a restaurant where tips are pooled and divided equally. Anna works at a different restaurant where she keeps the tips her customers leave for her. Which of the following is true?
a. Both work equally hard because their hourly wage from the employer is low, and they can make up for this with tips. b. Sonia works harder, because she receives the same amount of tips as other workers. c. Anna works harder, because she works at an expensive restaurant. d. Anna works harder, because her tips are her private property. e. Neither of them has an incentive to work hard because tips are a small part of their earnings.
Which of the following is the best example of a fixed cost for a business?
a. the insurance payment for the protection of a building owned by the firm b. shipping charges for the delivery of products c. managerial salaries paid d. the total of medical insurance premiums on the firm's employees
A company that can build a project that will cost $50,000, but returns $52,000 in one year would make a good decision by turning this project down if the interest rate were 3 percent
a. True b. False Indicate whether the statement is true or false
Refer to the data provided in Table 11.1 below to answer the following question(s).
Table 11.1 
Refer to Table 11.1. If the interest rate is 5%, Nashbar Bicycle should
A. fund only the employee fitness center. B. not fund any of the projects. C. fund all of the projects. D. fund all of the projects except for the employee fitness center.