Which one of the following is a source of organizational power?
A. Vision setting
B. Work experience
C. Control of budgets and resources
D. Risk appetite
Answer: C
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A price ceiling established below the market clearing price will usually cause
A) nonprice rationing. B) an excess supply. C) no change in the market clearing price. D) a decrease in the market clearing price.
Assume there is an increased demand in the United States for Australian wines. If all other factors are held constant, this will result in
A) an increase in the U.S. dollar exchange rate for Australian dollars. B) an appreciation of the U.S. dollar. C) a movement along the demand curve for Australian wine. D) a decrease in the par value of the Australian dollar.
Which of the following statements regarding labor supply is false?
a. Jerry's labor supply curve can bend backward if the income effect of a higher wage rate outweighs the substitution effect. b. Bob's labor supply curve will not bend backward if the wage rate is never so high that the income effect outweighs the substitution effect. c. If there is a wage rate above which the income effect is at least as great as the substitution effect, the labor supply curve will be vertical or bend backward. d. The labor supply curve will slope upward if the income effect dominates the substitution effect. e. Hayden's offer to work more hours as the result of a wage increase suggests that the substitution effect dominates the income effect.
When decision makers have time to fully adjust to changes in the overall price level, we refer to this as:
What will be an ideal response?