Economists consider the breakfast food industry to be an oligopolistic market
a. True
b. False
Indicate whether the statement is true or false
True
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C = a + bY is a form of the consumption function where a is
a. the consumption function, b is the marginal propensity to consume, and Y is national income b. the marginal propensity to consume, b is the consumption function, and Y is national income c. the marginal propensity to consume, b is autonomous consumption spending, and Y is national income d. autonomous consumption spending, b is the marginal propensity to consume, and Y is national income e. autonomous consumption spending, b is the consumption function, and Y is consumption spending
In 2008, Stark Finance Group suffered a huge loss in business. The best strategy to minimize the loss was to fire many employees. However, the CEO was against the idea and suggested reducing costs by decreasing the salary of each employee instead. He
believed this would benefit the employees, but it was observed that productive workers resigned because of the decrease in salary. Why do you think the CEO's idea did not work out? What would have been a more efficient course of action?
A valid rationale for the decision NOT to include non-compensated housework in Gross Domestic Product (GDP) calculations is that
A. there is some difficulty in measuring quality and quantity. B. it would decrease the employment rate for domestic work. C. it is not a product or service. D. it would understate the value of production in the economy.
If the quantities in the demand schedule in the table above were reduced by 2 units at each price, you would conclude that
A. demand increased.
B. demand decreased.
C. the demand curve shifted to the right.
D. both demand increased and the demand curve shifted to the right.