Why is academic decision making different from decision making within firms?
What will be an ideal response?
Most academic discussions are conducted in seminar rooms, classrooms and are reduced to exercises in power-point. Academic discussions center on evaluating, comparing, contrasting and modeling alternative scenarios to rank the various policies in some objective order. Academic perspectives are important albeit limited. The day-to-day ongoings in a company with its complex organizational politics are hard realities that cannot be easily modeled.
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At a business cycle peak, we usually have ________ real Gross Domestic Product
A) an all-time high level of B) an all-time low level of C) an historically average level of D) accelerating growth of E) the maximum growth rate of
After the imposition of the quota, the amount of revenue collected by the government is ________.
A. $50,000 B. $75,000 C. $150,000 D. $0
Refer to the figure shown, which represents the production possibilities frontiers for Countries A and B. The slope of Country A's production possibilities frontier:
A. measures the trade-off that Country A face when deciding how to allocate resources. B. measures the opportunity cost of trucks in terms of cars. C. is constant because the opportunity cost remains constant. D. All of these statements are true.
Market signals are
A. used to differentiate those who will drive equally carefully whether or not they have auto insurance from those who drive less carefully when they have insurance. B. used to distinguish between high and low quality and help correct the adverse selection problem. C. actions taken by buyers and sellers to communicate quality in the presence of perfect information. D. only strong if obtaining the signal is more costly for individuals with valued traits than for those with non-valued traits.