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1. Which of the following is not one of the categories in which to classify managerial ethics?
A) Behaviour toward potential customers
B) Behaviour toward employees
C) Behaviour toward the organization
D) Behaviour toward other economic agents
2. Two conditions must exist: (1) all firms in a given industry should be small (2) the number of firms must be large
A) Monopolistic Competition
B) Perfect Competition
C) A monoply
D) An Oligopoly
3- Gross domestic product (gdp) refers to the total value of goods and services produced by a national economy within a given period regardless of where the factors of production are located. (True or False)
4- Inflation results in increased purchasing power the consumer. (True or False)
1. the amount of compensation associated with the income effect of a price change is calleda. a compensation variation
Analyse the impact of an increase in the price of crops and a (proportionately smaller) decrease in the price of fuel on a low income person who spends most of her income on food (derived from crops).
c q2 50q 81 1determine the range of prices for which the firm incurs a loss but continues to produce. 2determine
Most customers tip according to a percentage rule between 15 and 25 percent of the bill.diners who have dinner and a $20 bottle of wine usually pay the same percentage of the bottle price as diners who order a $100 bottle.
Return again to the cartel in Problems 4 and 5. Now suppose that the market game repeated indefinitely. What is the discount factor (sigma) is necessary now in order to maintain the collusive agreement in an indenitely repeated setting
Which of the following best describes what happens when consumer income increases? Which of the following best describes what happens when the price of oranges increases?If the government gives each consumer a tax reduction equal to $600 (i.e. increa..
a profit maximizing monopolist is earning a positive economic profit. the wage it pays its workers rises. how will the
A negative externality created by a producer means that from the standpoint of the public's well being and for the producer and his/her industry in question Even a perfectly competitive market may produce too little of a good
the elected officials in a west coast university are concerned about the explosive rents being charged to college
ms. smith the owner and manager of the clear duplicating service located near a major university is contemplating
Determine the price-output combination
Assume that every citizen of country X has the utility function of u(x, y) = 5x+4y. Say that x denotes cigarettes and y denotes alcohol. The government of country X receives revenue from alcohol and cigarrete purchases but wants to curb alcohol co..
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