The law of demand states that when price increases, quantity demanded increases
Indicate whether the statement is true or false
F
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What is Total Quality Management (TQM)?
A) a philosophy of supplying customers with superior products and services B) an exchange of information with suppliers and customers to create efficient and effective processes C) a software system that integrates a company's functions, departments, and data into a single system D) a system that speeds the transformation of raw materials into finished products
A firm producing calculators and cell phones purchases new machinery that increases the productivity of producing calculators
Assuming that the number of calculators produced is measured on the horizontal axis and the number of cell phones produced is measured on the vertical axis, how will the introduction of the new machinery change the firm's production possibilities curve? A) The production possibilities curve will shift to the left. B) The production possibilities curve will shift rightward. C) The production possibilities curve will pivot rightward about the vertical axis. D) The production possibilities curve will pivot rightward about the horizontal axis.
Your friend recently graduated from college and is actively looking for employment. The economy has completely recovered from the last recession and your friend is taking her time, looking for the "perfect" job. In the meantime, the unemployment she is experiencing is categorized as
A) cyclical. B) structural. C) seasonal. D) frictional.
Economic profit equals
A) net operating profit after taxes plus the cost of capital. B) net operating profit after taxes divided by the cost of capital. C) net operating profit after taxes multiplied by the cost of capital. D) net operating profit after taxes minus the cost of capital.