Statistics belong to which "family"?
a. supervision
b. management
c. science
d. auditing
Ans: c. science
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Unemployment caused by a business cycle recession is called cyclical unemployment
Indicate whether the statement is true or false
Imagine Tom's annual salary as an assistant store manager is $30,000, he owns a building that rents for $10,000 yearly, and his financial assets generate $1,000 per year in interest. One day, after deciding to be his own boss, he quits his job, evicts his tenants, and uses his financial assets to establish a bicycle repair shop. To run the business, he outlays $15,000 in cash to cover all the costs involved with running the business, and earns revenues of $50,000. Tom should:
A. close his shop and go back to what he was doing before with his time and assets, because it was earning him $6,000 more than he's earning now. B. keep his shop going because he's earning a healthy $35,000 a year. C. keep his shop going because he's earning $5,000 more than his salary before. D. None of these is true.
I frequently buy something which then has a rebate offer attached. I must fill in all the information requested, send off the form and then wait 8 weeks for the rebate. This practice is referred to as
A. a profit maximizing markup. B. network economics. C. exclusive contracting. D. the hurdle model of price discrimination.
Economic choice and competitive behavior are the result of
What will be an ideal response?