When a corporation participates in more than one successive stage in a multi-stage production process, it is said to be:
A. functionally organized.
B. engaged in preliminary contracts.
C. vertically integrated.
D. completely outsourced.
Answer: C
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Measured wealth is a less accurate indicator of economic inequality than is measured income because measured wealth excludes
A) owner-occupied housing. B) financial assets. C) depreciation. D) human capital.
Catherine is risk averse. When faced with a choice between a gamble and a certain level of wealth, she will
A) always prefer the gamble. B) always prefer the certain level of wealth. C) prefer the gamble if the expected utility from it is higher than the utility from the certain level of wealth. D) prefer the certain level of wealth if the expected utility from the gamble is higher than the utility of the certain level of wealth.
Unanticipated positive inflation will create
A. gains for both creditors and debtors. B. losses for both creditors and debtors. C. gains for creditors and losses for debtors. D. losses for creditors and gains for debtors.
In the Cournot model, firms take their rivals' reactions as given.
Answer the following statement true (T) or false (F)