Refer to Table 1-2. What is Thuy Anh's marginal cost if she decides to stay open for an extra three hours instead of two hours?
A) $0 B) $16 C) $25 D) $32 E) $45
B
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Suppose the economy currently has some underutilized resources. The Fed engages in expansionary monetary policy. The impact of expansionary monetary policy will be to
A) increase aggregate demand, increase prices and increase real GDP. B) increase short-run aggregate supply, decrease in prices and decrease in real GDP. C) increase short-run aggregate supply, decrease prices and increase real GDP. D) increase aggregate demand, increase prices and decrease real GDP.
The development most responsible for the wide-spread introduction of macroeconomic models built upon solid microeconomic foundations was the
A) work of John Maynard Keynes. B) rational expectations revolution. C) popularization of supply-side economics. D) development of the Keynesian coordination failure model.
In thinking about the criteria for an ideal voting system, needing no dictator means:
A. one person cannot have their preferences represented in what voters decide upon. B. one person cannot have the power to enact his or her own preferences. C. those in power must be forced to listen to the will of the people when enacting policy. D. the presence of pure democracy is needed, so everyone gets a vote.
A scenario plan is different from business plan because:
a. A scenario plan focuses on business cash flows, and a business plan focuses mainly on strategy. b. Business plans are for long periods of time, and scenario plans are for short periods, like capital budgeting projects. c. A scenario plan is long term and focuses on industry, demographic, industry, and social trends. Business plans are short-term and focus mainly on cash flows and relatively short-term strategies. d. Business plans are usually for one-year and two year periods. Scenario plans are medium term, with time horizons of three to five years. e. Scenario plans tend to focus on long-term marketing strategies and the proper handling of non-operating assets (e.g., marketable security holdings). Business plans focus more on mergers and acquisitions and the proper lines of business in which a company should be involved.