If managers ensure zero percent product failure, all of the following are true except which one?
A) Obtaining zero percent product failure is not likely to be possible.
B) Obtaining zero percent product failure is likely to make the product very expensive.
C) The product would never fail.
D) Obtaining 100 percent product perfection is likely to be possible.
D) Obtaining 100 percent product perfection is likely to be possible.
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A consumer chooses an optimal consumption point where the
a. marginal rate of substitution is maximized. b. rate at which the consumer is willing to trade one good for another equals the price ratio. c. price ratio is minimized. d. All of the above are correct.
If consumer income and prices increase by the same percentage,
A) the consumer will buy more of both goods. B) the consumer will buy more of both goods if they are both normal goods. C) the consumer will buy less of both goods if they are both inferior goods. D) the consumer's utility maximizing bundle stays the same.
Which of the following problems will most likely occur with a system of flexible exchange rates?
A. Macroeconomic instability as exports and imports fluctuate with the exchange rates. B. Government favoritism toward selected importers of goods and services. C. The emergence of black markets for foreign currency. D. Distortions in trade patterns away from the pattern suggested by comparative advantage.
Edward Denison found that labor's contribution to output growth in the United States since 1929 was attributable to all the factors below except
A. an increase in the percentage of the population in the labor force. B. an increase in the number of hours worked per person. C. higher educational levels. D. rising population.