The difference between the total revenue and total costs for a bank shows its:
a. economic profit
b. accounting profit.
c. non-performing assets.
d. total assets.
b
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During the 1990s, the members of OPEC operated independently from one another, causing the world market for crude oil to become close to
a. a monopoly market. b. an oligopoly market. c. a duopoly market. d. a competitive market.
The value of the housing services provided by the economy's owner-occupied houses is
a. included in GDP, and the estimated rental values of the houses are used to place a value on these housing services. b. included in GDP, and the actual mortgage payments made on the houses are used to estimate the value of these rental services. c. excluded from GDP since these services are not sold in any market. d. excluded from GDP since the value of these housing services cannot be estimated with any degree of precision.
A key to understanding the difference between TQM and reengineering is TQM's emphasis on:
A. the reorganization of inventory control. B. outsourcing. C. continuous improvement. D. one-time reengineering of production processes.
Because a monopsony is the only buyer in a particular market, the
A) supply of labor to the monopsony is perfectly elastic. B) supply of labor to the monopsony is perfectly inelastic. C) supply of labor curve faced by the monopsony is upward sloping. D) supply of labor curve faced by the monopsony is downward sloping.