When a manager makes decision then looks for information to justify the decision, it is called
a. implicit favorite model
b. bounded rationality model
c. econological model
d. none of the above
Ans: a. implicit favorite model
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What other economic process needs to accompany international trade, for nations to benefit from such trade?
A. Nationalization of industries B. Regulation of production and trade C. Spreading of resources to more industries D. Specialization in production
Which of the following is likely to be true if the Fed buys government bonds held by the U.S. commercial banks? a. Banks will reduce the amount of loans, and this will increase the money supply in the economy. b. Banks will give more loans, and this will increase the money supply in the economy
c. Banks will give more loans, and this will decrease the money supply in the economy. d. Banks will reduce the amount of loans, and this will decrease the money supply in the economy.
OPEC is an example of a:
A. duopoly. B. monopoly. C. monopsony. D. cartel.
When a monopolist sells two units of output its total revenue is $150. When it sells three units of output its total revenue, is $180. When the monopolist sells three units of output, the price per unit is
A. $50. B. $60. C. $75. D. $90.