Which of the following observations is true of business norms?
A. They are somewhat like a company's mission.
B. They are equivalent to contract laws.
C. They are standards of accepted behavior.
D. They are the same as product quality standards.
Answer: C
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Which of the following must exist for a firm to engage in price discrimination?
A) The firm must be able to identify and separate its buyers into different classes, and the low-price buyers cannot resell the product to the high-price buyers. B) The firm must face an inelastic demand. C) The firm must be able to realize economies of scale. D) The firm must have no more than one class of buyer. E) The firm must be a natural monopoly.
Hospitals typically include all their sunk costs when deciding how much it costs them to provide services because
A) each patient benefits from the hospital's being adequately equipped. B) hospital administrators have no incentive to be efficient. C) no hospital could continue operating if it wasn't able to cover its sunk costs. D) the payments they receive are largely based on what they say are their costs. E) they are non-profit institutions and hence are in general poorly managed.
When the Federal Reserve injects money into the banking system, it initially causes an excess _____ of money. Equilibrium in the money market is reestablished through a(n) _____ in the price level
Fill in the blank(s) with correct word
According to the definitions of national saving and private saving, if Y, C, and G remained the same, an increase in taxes would
a. raise both national saving and private saving. b. raise national saving and reduce private saving. c. leave national saving and private saving unchanged. d. leave national saving unchanged and reduce private saving.