Pareto's Principle states that:
a. 20 percent of the time expended produces 80 percent of the results
b. 90 percent of the time spent produces 10 percent of the results
c. 75 percent of time is wasted
d. A task or job fills the time available
A
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Assume that it is predicted that for the years after you graduate from college, the entire economy will experience a long period of recession during which people's incomes decrease
What type of industry would be the best for you to find employment if this prediction is correct? An industry that produces a product that A) is income elastic. B) is income inelastic. C) is inferior. D) is a complement. E) none of these industries
Suppose it costs Minnie's Mini-Golf (a monopolist) not a penny more to let another person on the course. If Minnie's faces a linear (downward-sloping) market demand curve, it will maximize profit by choosing the point on the demand curve at which
a. marginal revenue is greatest b. price elasticity is unit elastic c. price elasticity is inelastic d. price exceeds average total cost by the greatest amount e. price exceeds marginal cost by the greatest amount
In 2005, China increased the price of its currency while continuing to pursue a fixed exchange rate. This change in policy is called
A) an appreciation. B) a depreciation. C) a peg. D) a devaluation. E) a revaluation.
Which one of the following will not directly affect the U.S. balance on current account?
A. An increase in U.S. goods imports. B. A decrease in U.S. net investment income. C. An increase in U.S. purchases of assets abroad. D. An increase in U.S. imports of services.