In which of the following cases will centralization of decision making be appropriate?
a. When different departments in an organization function separately without much interrelation.
b. When information necessary for the decision making process originates from a variety of sources.
c. When the organization expands in size and its activities become more complex.
d. When all the information comes from an external source.
B
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The argument that protection ________
A) penalizes poor environmental standards is true B) allows us to compete with cheap foreign wages is true C) is necessary for infant industries is true D) saves jobs is flawed
Which of the following could explain why the demand for table salt is inelastic?
A) Salt is a luxury for high-income consumers but a necessity for low-income consumers. B) Salt is a rare commodity. C) Salt is a luxury good. D) Households devote a very small portion of their income to salt purchases.
All food bought in the United States has an ingredient list on the packaging. This is an example of:
A. screening. B. signaling. C. requiring the more informed party to reveal missing information. D. building a reputation.
Economics is the study of how:
a. humans make decisions in the face of scarcity. b. resources are used to meet human needs. c. humans make decisions when there is an abundance of goods. d. human needs translate to business transactions.