A management professor discovers a way for corporate management to operate more efficiently. He publishes his findings in a journal. His findings are
a. proprietary and common knowledge.
b. common, but not proprietary, knowledge.
c. proprietary, but not common, knowledge.
d. neither proprietary nor common knowledge.
b
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The benefit from an additional unit of a good or service that the consumer of that good or service receives is the
A) marginal private benefit. B) marginal external benefit. C) marginal social benefit. D) opportunity cost.
During a period of deflation the purchasing power of the dollar _____.
Fill in the blank(s) with the appropriate word(s).
Suppose that a bank with no excess reserves receives a deposit into a checking account of $10,000 in currency. If the required reserve ratio is 0.20, what is the maximum amount that the bank can lend out?
A) $2,000 B) $8,000 C) $10,000 D) $50,000
According to the principal of comparative advantage a country
A) that produces goods at the lowest absolute cost will export those goods. B) will import goods it can produce at the lowest relative cost. C) will export goods it can produce at the lowest relative cost. D) will only import those goods that it cannot produce for itself.