The bigger the shortage of a good or service, the ____________ the seller of the good or service will be to an individual customer _________. (We are assuming here that the shortage cannot, for legal reasons, be alleviated through a rise in price.)
A) more polite; without having sales adversely affected
B) ruder; without having sales adversely affect
C) more polite; even though sales will be adversely affected
D) ruder; even though sales will be adversely affected
B
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The phrase "demand has increased" means that
A) a demand curve has shifted to the right. B) there has been a downward movement along a demand curve. C) a demand curve has shifted to the left. D) there has been an upward movement along a demand curve.
Which of the following ensures full employment in the Classical model?
A) Wage and price flexibility B) The equation of exchange C) Inventory adjustment D) Constant velocity
Wendy's must decide whether to grow its own potatoes for French fries. Growing potatoes is a very different process from running a fast-food restaurant. Based on this information alone, should Wendy's grow its own potatoes?
a. No, because Wendy's managers have bounded rationality. b. Yes, because Wendy's managers have bounded rationality. c. No, because there is a small number of potato suppliers. d. Yes, because there is a small number of potato suppliers. e. No, because it is easy to observe the quality of potatoes.
Chickens are not endangered because
A) there are clear property rights to them. B) government regulates chicken processors. C) there are positive externalities. D) they are free and not owned by anyone.