Related to the Economics in Practice on page 214: According to the Economics in Practice, firms where managers had ________ extensive training became ________ productive than firms where managers had no training.
A. less; more
B. more; more
C. more; no more
D. less; no less
Answer: B
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The above figure shows the U.S. market for chocolate. With international trade, consumer surplus is equal to
A) area A + area B + area C + area D. B) area A. C) area B + area C + area D. D) area C + area D. E) area E.
Game theory is used to explain the pricing behavior of
A) monopolies. B) perfect competition. C) monopolistic competition. D) oligopolies.
This table shows the demand and supply schedule of a good.
According to the table shown, at a price of $0.50 quantity demanded:
A. exceeds quantity supplied and a shortage exists.
B. is less than quantity supplied and a shortage exists.
C. exceeds quantity supplied and a surplus exists.
D. is less than quantity supplied and a surplus exists.
In periods of high inflation, real wages change even if nominal wages remain constant.
a. true b. false