In 1955 consumers spent _____ cents of every dollar on services; but today _____ cents of every consumer dollar goes to services.
Fill in the blank(s) with the appropriate word(s).
36; 66
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The law of diminishing returns explains why
a. monopolies have a guaranteed profit margin b. short-run MC and AVC curves are U-shaped c. the production possibilities curve is bowed out d. long run supply curves are downward sloping e. total product is a straight line
An automobile manufacturer unexpectedly announces that it has hired a new chief executive officer. It is widely believed that the presence of this individual will raise the profitability of the corporation. At the same time interest rates unexpectedly rise. Which of the above would tend to make the price of the stock rise?
a. the announcement and the rise in interest rates b. the announcement but not the rise in interest rates c. the rise in interest rates, but not the announcement d. neither the announcement nor the rise in interest rates
"The price of digital cameras fell because of improvements in production technology. As a result, the demand for non-digital cameras decreased
This caused the price of non-digital cameras to fall; as the price of non-digital cameras fell the demand for non-digital cameras decreased even further." Evaluate this statement. A) The statement is false because the demand for non-digital cameras would increase as the price of digital cameras fell. B) The statement is false because digital camera producers would not reduce their prices as a result of improvements in technology; doing so would reduce their profits. C) The statement is false. A decrease in the price of digital cameras would decrease the demand for non-digital cameras, but a decrease in the price of non-digital cameras would not cause the demand for non-digital cameras to decrease. D) The statement is false because it confuses the law of demand with the law of supply.
There are stereotypes (myths) about home-based businesses. Which of the following statements is a stereotype?
a. Most home-based businesses are run by women such as child care centers b. Most home-based businesses are run by men on computers c. It is hard to have a home-based business, too many conflicts d. Most home-based businesses are financially stable, rewarding