If the demand for steak increases as income increases, then steak is a(n):
A. normal good.
B. substitute good.
C. inferior good.
D. complementary good.
Answer: A
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Which of the following is NOT part of a risk characterization?
a. a qualitative component that includes a description of the hazard b. a monetary component that assigns a dollar value to the risk c. a quantitative component that gives the magnitude of the risk d. an integrated analysis of the overall risk assessment process
You may incorrectly conclude that an idea no other person has implemented is highly profitable because:
A. you misjudged people's wants and constraints. B. you miscalculated the trade-offs people face. C. you misunderstood how people would respond to incentives. D. All of these.
In an idealized laissez-faire world, the distribution of products is
A. the most efficient. B. the most fair. C. purely random. D. unpredictable.
In answering the question, assume a graph in which dollars are measured on the vertical axis and output on the horizontal axis. Refer to the information. For a purely competitive firm:
A. marginal revenue will graph as an upsloping line. B. the demand curve will lie above the marginal revenue curve. C. the marginal revenue curve will lie above the demand curve. D. the demand and marginal revenue curves will coincide.