If the CPI is 200, then the price level has _____ since the base year
a. doubled
b. quadrupled
c. tripled
d. increased five times
e. increased six times
a
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Is it possible for a firm to have an absolute advantage in producing something without having a comparative advantage? Why or why not?
What will be an ideal response?
If the price elasticity of demand is computed for two products, and product A measures 0.65, and product B measures 1.3, then
a. product A is more price elastic than product B. b. product B is more price elastic than product A. c. consumers are more sensitive to price changes in product A than in product B. d. product B is more price inelastic than product A. e. products A and B must be substitutes.
Which of the following is NOT a step to calculate the true cost of a stockout?
a. Develop a customer satisfaction survey b. Evaluate customer response c. Estimate consequence costs d. Calculate the expected stockout cost e. All of the above f. Only B, C, and D
When marginal utility is zero, total utility is
A. decreasing. B. at its minimum. C. increasing. D. at its maximum.