Which scenario best exemplifies Gresham’s law?
a. Marla has faith in the value of paper money because she knows it can be exchanged for goods and services.
b. Hiro prefers to invest his money rather than keep it in physical form or in a deposit account.
c. Charlie does not trust banks, so he keeps all his money in the form of physical currency.
d. Indira has silver coins she could use to make a purchase, but she prefers to use paper money.
d. Indira has silver coins she could use to make a purchase, but she prefers to use paper money.
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Which of the following is a feature of an M-Form organization?
a. divisions can respond more easily to changes in customer demand b. it is difficult to maintain customer relationships c. coordination across divisions is simple and does not take much management time d. evaluating employees is easier because managers typically are similarly trained
If the demand faced by a firm is elastic, selling one less unit of output will:
a. increase revenue. b. decrease revenue. c. keep revenues constant. d. decrease price.
Jay Sorensen, who invented the Java Jacket, earned profits as
A. a risk taker. B. an innovator. C. both a risk taker and an innovator. D. neither a risk taker nor an innovator.
Smith and Jones comprise a two-person economy. Their hourly rates of production are shown in the accompanying table. Calculators Per HourComputers Per HourSmith10010Jones1206 Suppose Smith and Jones begin by producing 16 computers and 0 calculators per hour. If they wish to produce 14 computers and 40 calculators per hour efficiently, then Smith should spend ________, and Jones should spend ________.
A. 30 minutes making each; 30 minutes making each B. 1 hour making computers; 40 minutes making computers and 20 minutes making calculators C. 1 hour making computers; 20 minutes making computers and 40 minutes making calculators D. 45 minutes making computers and 15 making calculators; 1 hour making calculators