What are the three main kinds of unemployment?
A) frictional, seasonal, and cyclical
B) temporary, permanent, and volunteer
C) cyclical, structural, and temporary
D) structural, frictional, and cyclical
Brand management refers to
A) picking a brand name for a new product that will attract attention.
B) the efforts to maintain the differentiation of a product over time.
C) efforts to reduce the cost of production.
D) selling the right to use a brand name in a particular market.
A supply schedule
A) is a table that shows the relationship between the price of a product and the quantity
of the product supplied.
B) is a curve that shows the relationship between the price of a product and the quantity
of the product supplied.
C) is the relationship between the supply of a good and the cost of producing the good.
D) is a table that shows the relationship between the price of a product and the quantity
of the product that producers and consumers are willing to exchange.
In January, buyers of gold expect that the price of gold will rise in February. What
happens in the gold market in January, holding all else constant?
A) The supply curve shifts to the right.
B) The demand curve shifts to the left.
C) The demand curve shifts to the right.
D) The quantity demanded increases.
If the personal assets of the owners cannot be claimed if the business is bankrupt, the
owners are said to have
A) unlimited liability.
B) a proprietorship type of business.
C) limited liability.
D) a partnership type of business.
Household wealth is defined as the value of a household’s
A) assets minus the value of its liabilities.
B) assets plus the value of its liabilities.
C) assets.
D) liabilities.
Which of the following statements is false?
A) An explicit cost is a nonmonetary opportunity cost.
B) In the short run: total cost = fixed cost + variable cost.
C) Variable costs are costs that change as output changes.
D) In the long run there are no fixed costs.
The process of rapidly adjusting prices based on information gathered on consumers’
preferences and their responsiveness to changes in price is called
A) yield management.
B) elasticity management.
C) brand management.
D) marketing.
If the nominal exchange rate between the American dollar and the New Zealand dollar
is 1.36 New Zealand dollars per American dollar, how many American dollars are
required to buy a product that costs 3.50 New Zealand dollars?
A) $2.14
B) $2.24
C) $2.57
D) $4.76
Table 2-1 Production Choices for Dina’s Diner
Assume Dina’s Diner only produces sliders and hot wings. A combination of 40 sliders
and 50 hot wings would appear
A) along Dina’s production possibilities frontier.
B) inside Dina’s production possibilities frontier.
C) outside Dina’s production possibilities frontier.
D) at the vertical intercept of Dina’s production possibilities frontier.
Pollution is an example of a
A) public good.
B) positive externality.
C) private cost.
D) negative externality.
On a balance sheet, short-term debts such as accounts payable are listed as
A) current assets.
B) current liabilities.
C) stockholder’s equity.
D) goodwill.