The Vendor List contains information about:
a. Addresses, contacts and phone numbers of customers
b. Addresses, contacts and phone numbers for suppliers
c. Quantities and prices of items on hand
d. All of these
b. Addresses, contacts and phone numbers for suppliers
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According to economic theory, a person
A) wants to advance his or her own interests and will try to do it rationally. B) would not generate negative externalities if one has a properly-developed social conscience. C) acts in a profit-seeking way in the market process and in a social-seeking way in government processes. D) necessarily behaves as an individualist in markets and as a socialist in government.
If a 1 percent decrease in the price of a pound of oranges results in a smaller percentage decrease in the quantity supplied
A) demand is elastic. B) demand is inelastic. C) supply is elastic. D) supply is inelastic.
Refer to Figure 23-4. Potential GDP equals $500 billion. The economy is currently producing GDP1 which is equal to $450 billion. If the MPC is 0.8, then how much must autonomous spending change for the economy to move to potential GDP?
A) -$40 billion B) -$10 billion C) $10 billion D) $40 billion
When firms cooperate without an explicit agreement, they are engaging in
a. explicit collusion b. tacit collusion c. reverse collusion d. inclusion e. rent seeking