The potential rewards that are available to an individual if a particular activity is undertaken are known as
A. intrinsic values.
B. irrational thought processes.
C. greed.
D. incentives.
Answer: D
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If, for a given percentage increase in price, quantity supplied increases by a proportionately larger percentage, then supply is
A) unit elastic. B) relatively inelastic. C) elastic. D) perfectly elastic.
A short-run aggregate supply curve (SRAS) assumes: a. the CPI is fixed
b. each point on the SRAS is potential real GDP. c. fixed or sticky nominal wages. d. nominal wages vary directly with price changes.
A "consent decree" is one way in which an enterprise may avoid antitrust prosecution
Indicate whether the statement is true or false
A political candidate running in a two-person race is likely to occupy
A) an extreme end of the political spectrum and hope that his or her opponent will gravitate toward the middle so that he or she can then claim that his or her opponent has flip-flopped. B) the middle of the political spectrum and label his or her opponent as an extremist (either liberal or conservative). C) a position somewhere between the middle of the political spectrum and an extreme end so that he or she can move either way shortly before the election. D) one extreme end of the political spectrum early in the race and the other extreme end near the end of the race.