Another term for "economic models" is
A) economic systems.
B) economic theories.
C) economic science.
D) economic institutions.
Answer: B
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In the short run, when production goes up what typically happens to total variable costs?
What will be an ideal response?
A firm could persuade the sales agent to accept profit based compensation if the new commission is
a. Positive sales biased b. Negative sales biased c. Sales neutral d. None of the above
A country's current national savings and investment identity is expressed in algebraic terms as (M – X) = I – S – (T – G). In this instance,
a. domestic investment is higher than domestic savings. b. domestic savings exceed domestic investment. c. the country is experiencing a trade surplus. d. government savings are excluded.
Which of the following statements is not true? a. Oligopolies usually have few firms each with some significant degree of market power
b. Only a small percentage of industries have four-firm concentration ratios above 85 percent. c. Market price is related to the concentration ratio. d. The United States is becoming more oligopolistic. e. Karl Marx believed the United States was becoming more oligopolistic.