_________ occurs when people are so busy doing things they cannot plan or lead effectively
a. Task duration
b. Task limitation
c. Task saturation
d. Task surrender
C
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All else held equal, economists would prefer a tariff over an import quota because
A. domestic producers can charge higher prices with a tariff than with an import quota. B. compared with an import quota, a tariff enables consumers to pay lower prices. C. a tariff enables the government to collect revenue, whereas an import quota does not. D. a tariff allows the market to adjust import quantities if domestic supply, domestic demand, or world price changes.
Suppose Frank quits his $25,000 a year job and starts his own hauling company. He takes $10,000 out of his savings account at the bank, where he was earning 5 percent interest, to buy a truck. His other expenses, including the truck, are $20,000 . Frank's revenues are $48,000 . Frank ends up with
a. $3,000 in wage-related rent b. $2,500 in entrepreneurial profit c. a $7,000 loss d. $48,000 in entrepreneurial profit e. $3,000 in entrepreneurial profit
As the interest rate increases, the velocity of money will increase as well
a. True b. False Indicate whether the statement is true or false
Suppose a market has the demand function Qd=20-0.5P. Between which of the following price ranges is demand most inelastic?
a. $0 to $10 b. $10 to $20 c. $20 to $30 d. $30 to $40