Which of the following examples shows an expanding market?
a. The quantity of wool produced remains steady.
b. Several firms enter the corn market, while many firms exit.
c. The amount of resources invested in the organic egg market decreases.
d. The equilibrium price for cell phones decreases.
d. The equilibrium price for cell phones decreases.
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Which of the following is least likely to limit the ability of a firm to minimize production costs?
A) Resistance by labor. B) The fact that the firm is a nonprofit organization. C) An increase in the amount of competition faced by the firm. D) Legislated input combinations for firms in particular industries, e.g, health care.
Assume a perfectly competitive firm is producing 300 units of output, P = $10, ATC of the 300th unit is $8, marginal cost of the 300th unit = $10, and AVC of the 300th unit = $6. Based on this information, the firm is:
A) earning an economic profit of $600. B) earning an economic profit of $1,200. C) incurring a loss of $600. D) incurring a loss of $1,200.
Answer the following statement(s) true (T) or false (F)
1.A bank with a reserve requirement of 12 percent has a money multiplier of 12. 2.The money multiplier allows a bank to calculate exactly how much money will be generated from a given deposit. 3.The Federal Reserve System is a publicly owned entity. 4.The members of the Federal Reserve Board of Governors are chosen by the Board’s chairman. 5.Most of the decisions influencing changes in the money supply are made by the heads of the 12 banks that make up the Federal Reserve System.
Bonnie has just purchased a crystal vase she saw advertised when she went online to find her local weather forecast. The Internet ad is an example of
A. mass marketing. B. direct marketing. C. indirect marketing. D. interactive marketing.