Income:
A. is a stock concept.
B. consists of accumulated assets.
C. is a flow concept.
D. consists of wages only.
Answer: C
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For a number of years, General Motors used a pricing strategy designed to maintain at least 40 percent of the American car market. Does this strategy suggest that GM was maximizing profits or pursuing an alternative strategy?
What will be an ideal response?
In economics, we assume rational decisions are made when individuals weigh:
A. the sunk costs versus the benefits of an action. B. the sunk costs versus the opportunity costs of an action. C. the opportunity costs versus the benefits of an action. D. the opportunity and sunk costs versus the benefits of an action.
This profit-maximizing firm produces a quantity of about ________ units.
A. 40
B. 45
C. 50
D. 55
If the quantity of hamburgers is measured along the horizontal axis and the quantity of movies is measured along the vertical axis, an increase in the price of a movie would be shown by
A. making the budget constraint steeper. B. rotating the budget constraint around the horizontal intercept such that the new vertical intercept is closer to the origin. C. shifting the budget constraint in towards the origin. D. shifting the budget constraint out.