Refer to the diagram for a private closed economy. The MPC and MPS are:
A. .6 and .4 respectively.
B. .7 and .3 respectively.
C. both .5.
D. both .7.
C. both .5.
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Technology is best defined as
A) society's pool of applied knowledge concerning the production of goods and services. B) the maximum output that can be obtained from a stock of physical capital. C) output inside the production possibilities curve. D) the utilization of more resources for the same amount of production.
Economic profits are equal to
A) total revenues minus total fixed costs. B) total revenues, after tax, minus cost of goods sold. C) total revenues minus the implicit and explicit costs of all inputs used. D) total revenues minus the opportunity cost of labor.
The basic difference between macroeconomics and microeconomics is that:
a. microeconomics looks at the forest (aggregate markets) while macroeconomics looks at the trees (individual markets). b. macroeconomics is concerned with groups of individuals while microeconomics is concerned with single countries. c. microeconomics is concerned with the trees (individual markets) while macroeconomics is concerned with the forest (aggregate markets). d. macroeconomics is concerned with generalization while microeconomics is concerned with specialization.
Which of the following is a primary role of a manager according to the good-citizen model?
A. to discourage innovation at work B. to recognize and reward an employee who is honest, punctual, and obedient C. to allow the employees to work independently, without any help from the managers D. to communicate the goals and objectives of the organization to employees