The assumption we usually make about all firms is that they wish to
A. maximize profits.
B. maximize market share.
C. maximize sales.
D. minimize costs.
Answer: A
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Subjective probabilities are based on ________ and ________ data.
A) best estimates; not on B) relative frequencies; not on C) relative frequencies; on D) best estimates; on
An increase in the excise tax on cigarettes raises the price of cigarettes by shifting the:
A. demand curve for cigarettes rightward. B. demand curve for cigarettes leftward. C. supply curve for cigarettes rightward. D. supply curve for cigarettes leftward.
In Figure 5.1, the demand curve that has an infinite elasticity is shown on graph:
A. A. B. B. C. C. D. D.
The main function of the Federal Reserve System is to:
A. Serve as the fiscal agent for the Federal government B. Set reserve requirements of banks C. Clear checks from member banks A. Serve as the fiscal agent for the Federal government B. Set reserve requirements of banks C. Clear checks from member banks D. Control the money supply