It is possible to purchase diplomas from diploma mills. The situation in which the degrees are more important than the knowledge they are supposed to represent is called:
A. accreditation.
B. credentialism.
C. cretinism.
D. diplomacy.
Answer: B
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Refer to the above figure. If real disposable income is less than $5,000, then saving is
A) negative. B) 0. C) positive. D) none of the above: cannot be determined with the given information.
The president of a company is told that the fixed costs next year will be higher than anticipated. Even so he has told his operations managers that this should not affect their production levels. Comment on this statement
What will be an ideal response?
When a government intervenes in an economy in a way that influences the relationship between households and businesses, it is:
A. serving the public good. B. reducing social welfare by interfering with the invisible hand. C. serving as an economic actor. D. serving as an economic referee.
What is minimum efficient scale? What is likely to happen in the long run to firms that do not reach minimum efficient scale?
What will be an ideal response?