The short-term fluctuations experienced in the economy due to changes in levels of economic activity are called
A. the natural rate of unemployment.
B. a recession.
C. the business cycle.
D. an expansion.
Answer: C
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A cost center is
a. evaluated based on minimizing costs within the division b. evaluated based on maximizing costs within the division c. evaluated based on minimizing profits generated by the division d. evaluated based on maximizing profits generated by the division
Setting a proper price is difficult in a nationalized industry because
a. costs will not be restricted by competitive pressures b. the government will have difficulty purchasing resources c. the government will have difficulty estimating demand for the product d. there is a consumer bias against government-supplied products e. government will not have access to relevant information
Suppose that 1982 is the base year for the Consumer Price Index (CPI) and in 2014 the CPI was 190. What does this "190" mean?
A) What cost $100 in 1982 on average cost 190 times as much in 2014. B) What cost $100 in 1982 on average cost $190 in 2014. C) What cost $100 in 1982 on average cost 0.19 times as much in 2014 (that is, it cost $19 in 2014). D) What cost $100 in 1982 on average cost $19 more in 2014.
Which of the following terms is used for workers with little experience and job training?
a. discouraged worker labor market b. efficiency wage labor market c. low-skilled labor market d. underemployment labor market