Which of the following equations is equivalent to the equation S - NX = I?
A. S - I = KI
B. S + I = NX - KI
C. S + KI = I
D. S - KI = NX
Answer: C
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Which of the following is not part of an oligopolist's business strategy?
A) determining the amount of advertising a new product needs B) deciding the level of total output of a new product C) meeting worker health and safety standards required of all firms D) setting the product's price after considering what rivals will do
Based on the answer above, the price for Nike shoes_____________ and the quantity demanded for Nike shoes ____________
a. Uncertain; decreases b. Decreases; increases c. Decreases; uncertain d. Increases; uncertain
The long run is a planning period:
a. during which the firm can vary all inputs including its plant size. b. less than six months. c. less than one year. d. less than five years.
If the price of a commodity is above marginal cost, then the economy will tend to
a. overproduce the item. b. underproduce the item. c. produce the optimal amount of the item. d. overproduce and underproduce the item cyclically.