All of the following are examples of nonprice rationing devices EXCEPT
A) price controls.
B) queues.
C) black markets.
D) waiting lists.
Answer: A
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Which of the following is the best example of an intermediate good?
a. a new fighter jet purchased by the federal government b. tires purchased by an automobile manufacturer for installation on new cars c. a new saw purchased by a carpenter d. screwdrivers purchased by a homeowner for home repairs e. aprons purchased by restaurant chefs
Which of the following explains why business owners have a strong incentive to strive for operational efficiency?
a. they recognize that operational efficiency promotes the public interest. b. since the owners are residual income claimants, increased efficiency will mean a higher income for the owners. c. if production is not conducted efficiently, the firm will ship jobs and capital out of the domestic market in order to be able to compete effectively. d. Increased operational efficiency allows the firm to receive government tax breaks.
A major problem under the gold standard was the inability to adjust the money supply to economic expansion
a. true b. false
Advertising costs are ________ costs and the per unit cost of advertising ________ as production increases
A) fixed; increases B) variable; increases C) fixed; decreases D) variable; does not change