Scientific investigations that have no immediately obvious commercial applications are called nonessential research.
Answer the following statement true (T) or false (F)
False
Scientific investigations of this sort are called basic research.
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The "Discount Department Stores" industry is highly concentrated. What does this mean?
A) The sales volume in this industry is consistently high. B) There are many large stores such as Wal-Mart, Target, Kohl's, in this industry. C) A few large stores account for a significant portion of industry sales. D) There is cut-throat competition in this industry because there are no entry barriers.
Which of the following groups believes that the economy can achieve full employment without inflation through tax reductions, lower resource prices, and deregulation?
A. Classical school B. Keynesian school C. Supply-side school D. Rational expectations school
Fiscal policy may end up being destabilizing to an economy because
A. time lags are always too short for policy actions to take effect. B. the President may have different goals than Congress. C. various time lags associated with fiscal policy cause the policy changes to take effect too late to solve the problem it was supposed to solve. D. the economy is almost always at full employment.
Sharon purchases two products with a given fixed budget, orange juice and soda. Her marginal utility from orange juice is 60 and her marginal utility from soda is 30. The price of a bottle of orange juice is $2.00 and the price of soda is $1.00. These data suggest that:
A. Sharon is maximizing her utility from the given fixed budget B. Sharon should buy more orange juice and less soda C. Sharon should buy more soda and less orange juice D. Sharon should buy less orange juice and soda