An objective analysis of "what is" in the economy is referred to as
A) positive economics.
B) normative economics.
C) command economics.
D) implicit economics.
A
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In the text, the key question in the "economics of a business" is
A) whether the need to grow revenues is being met. B) should the firm be in the business in which it is operating. C) whether the firm faces rising labor costs. D) can the firm affect its market share.
Soft budget constraints will lead to
a. inefficiency b. quick responses to changes in supply and demand c. good investment decisions d. high product quality e. managers eager to satisfy consumer demand rather than production quotas
When the housing bubble collapsed, the entire borrowing and lending engine of the economy ground to a halt because:
A. banks wanted to lend to no one, in case they turned out to be a bad risk. B. the herd instinct became to not borrow or lend. C. no one could tell which banks were safe, and which were not. D. All of these statements are true.
David Ricardo used the example of land to demonstrate the concept of rent, as the supply of land is
A) perfectly elastic. B) relatively elastic. C) perfectly inelastic. D) negatively sloped.