Economic models are abstractions from reality
Indicate whether the statement is true or false
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A firm might prefer to choose a salary system rather than a commission or piece-rate system of compensation when there are concerns about output quality
Indicate whether the statement is true or false
As means of payment currency, credit cards, and debit cards differ according to
A) whether they pay interest. B) whose liability they represent. C) transactions costs. D) all of the above.
You are part of a local community theater group. It is the goal of the group to increase the amount of revenue earned through ticket sales. Mary says the obvious solution is to increase ticket prices. Is Mary correct?
a. Mary is correct if the demand for tickets is price inelastic. b. Mary is incorrect if the demand for tickets is price inelastic. c. Mary is correct. The increase in ticket prices will always increase revenue. d. Mary is incorrect. The increase in ticket prices will never increase revenue. e. Mary is incorrect. The way to increase revenue is to decrease ticket prices.
A likely effect of government policies that redistribute income and wealth from the wealthy to the poor is that those policies
a. enhance equality. b. reduce efficiency. c. reduce the reward for working hard. d. All of the above are correct.