Older Americans living on a pension and therefore on a fixed income, tend to be made
a. better off when prices rise.
b. better off when inflation rates rise.
c. worse off when prices rise.
d. worse off when prices fall.
c
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A profit center is
a. evaluated based on minimizing costs within the division b. evaluated based on maximizing costs within the division c. evaluated based on minimizing profits generated by the division d. evaluated based on maximizing profits generated by the division
If the supply curve does not shift, an increase in demand results in a(n)
a. increase in equilibrium price and a decrease in equilibrium quantity b. decrease in equilibrium price and a decrease in equilibrium quantity c. increase in equilibrium price and an increase in equilibrium quantity d. decrease in equilibrium price and an increase in equilibrium quantity e. increase in supply
A firm's opportunity cost of using resources provided by the firm's owners is called
a. sunk costs b. fixed costs c. explicit costs d. implicit costs e. entrepreneurial costs
Several writers have helped to popularize the notion that stock prices follow no discernible pattern. What is meant by a random walk, and how can you explain why people continue to invest in stocks if the random walk theory is correct?