Which is of the following is one difficulty economists face that some other scientists do not?
a) Unlike other sciences, economic studies must include the largest economic player, the government.
b) Economists unfortunately receive less government funding than other scientists.
c) Corporations are reluctant to disclose necessary information for economic research.
d) Experiments are often difficult to conduct in economics.
Ans: d) Experiments are often difficult to conduct in economics.
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In 2008, a former Intel engineer has been charged with stealing trade secrets worth $1 billion. Intel owns 90 percent of the worldwide market for microprocessors, AMD has the rest
Conducting R&D is very expensive so suppose that each of these firms can either steal R&D or develop their own R&D. If both firms develop their own R&D, economic profit will be $50 million each. If one company steals R&D, that firm earns $100 million in economic profit while the other firm earns $10 million. If both firms steal R&D, each firm breaks even. What is NOT true about this game? A) The outcome will not be a dominant strategy equilibrium. B) A strategy is to steal R&D. C) A firm will make more profit if it steals R&D. D) A strategy is to conduct R&D.
Which of the following statements regarding the Lorenz curve is FALSE?
A) A Lorenz curve is a geometric representation of the distribution of income. B) A Lorenz curve that is perfectly straight represents complete income equality. C) The less bowed is a Lorenz curve, the less equally income is distributed. D) The more bowed is a Lorenz curve, the more unequally income is distributed.
When the pricing of one product produced by a firm adversely affects the revenue earned by another product of the same firm, the second product has been
A) cannibalized. B) tied. C) bundled. D) sacrificed.
What does job specialization do?
a. It allows workers to focus on the parts of the production process where they have an advantage. b. It allows workers to focus on all aspects of the production process. c. It allows organizations to maximize the tasks in which workers perform. d. It allows the production process to be performed by a single worker.