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Define manager correct answers someone who directs resources to achieve a stated goal In what ways does a manager direct economic resources (3) correct answers 1. directs efforts of others 2. purchases inputs used in the production of a firms output 3. directs the product or price or quantity decisions Define economics correct answers the science of making decisions and choices in the face of scarcity resources. These decisions respond to incentives What are economic resources correct...

According to the profit-maximization goal, the firm should attempt to maximize short-run profits since there is too much uncertainty associated with long-run profits. correct answers . False If Melissa owns a software company that incurs no fixed costs, then correct answers her total cost equals her total variable cost In the short run, a firm cannot change the amount of capital it uses. Therefore the cost of capital is a correct answers fixed cost. Because the amount of labor a firm em...

Managerial Economics correct answers Helps managers make decisions in the face of scarcity. Economic Costs of Production vs. Accounting Costs correct answers Economic costs add the opportunity costs of a firm using its own resources while accounting costs do not. Margie's Profit Maximization correct answers This cannot be determined without knowing Margie's total or marginal production costs. Short-Run Shutdown Point correct answers Identify the short-run shut down point for the firm:...

A firm's managers are constrained by A) consumers. B) workers. C) government. D) All of the above. correct answers D.) All of the above 2) Which of the following would be categorized as an opportunity cost? a. not being able to spend your $10,000 savings if you sink the money in your business b. the cost of purchasing supplies for your house-cleaning business c. the cost of purchasing auto insurance for your dry-cleaning delivery business A) a only B) a and c only C) b and c on...

Managerial economics is best defined as the economic study of: correct answers how businesses can decide on the best use of scarce resources. Managerial economics helps managers correct answers make decisions in the face of scarcity. Microeconomics includes the study of the correct answers choices made by individuals and businesses The form of economics most relevant to managerial decision-making within the firm correct answers microeconomics CEOs should focus on correct answers maxi...

d. As the size of the firm increases it becomes more difficult to coordinate the operations of its manufacturing plants. correct answers Which of the following is a reason why a firm would experience diseconomies of scale? a. As the size of the firm increases, it becomes more difficult to find markets where it doesn't already have operations. b. As the size of the firm increases, it must operate in other countries where differences in language, customs and laws increase its average costs. c....

Manager correct answers a decision maker: Labor and capital (inputs of production), Inventory (Supply) Economics correct answers a social science that examines conditions of scarcity and how individuals respond to scarcity. (Shortages; time and other resources) Managerial economics correct answers the study of how managers make decisions based off preferences shaped by scarce resources. The goal of managerial economics is to correct answers maximize profit Accounting profits correct ...

Managerial economics correct answers helps managers make decisions in the face of scarcity Economic costs of production differ from accounting costs in that correct answers economic costs add the opportunity costs of a firm using its own resources while accounting costs do not. How many pounds of apples should Margie sell to maximize her profit? Refer to table 12-2 correct answers This cannot be determined without knowing Margie's total or marginal production costs. Figure 12-9 shows c...

If, when a firm doubles all its inputs, its average cost of production decreases, then production displays A) diminishing returns. B) economies of scale. C) diseconomies of scale. D) declining fixed costs. correct answers B) economies of scale. The long-run average cost curve shows A) the lowest average cost of producing every level of output in the long run. B) where the most profitable level of output occurs. C) the average cost of producing where diminishing returns are not present....

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in the economy of Ukzten in 2010, consumption was 800, GDP was 2000, government purchases were 400, and investment was 600. What were Ukzten's net exports in 2010? correct answers 200 changes in nominal GDP reflects correct answers both changes in prices and changes in the amounts being produced the inflation rate is the correct answers percentage change in the price level from one period to another If real GDP is 5,100 and nominal GDP is 4900, then the GDP deflator is correct answers ...

Surpluses always occur correct answers at prices above the equilibrium price What happens to the equilibrium price and quantity when demand decreases and at the same time supply increases, but the relative size of the shifts are not known? correct answers The equilibrium price falls, and the change in the equilibrium quantity is ambiguous. Consider the decision to read your economics textbook. Which of the four core principles of economicsapplies to the notion that reading this textbook wi...

3 types of unemployment correct answers --cyclical --frictional --structural cyclical unemployment correct answers the increase in unemployment that occurs during recessions and depressions frictional unemployment correct answers unemployment due to normal turnover in the labor market; used to denote short-run job/skill-matching problems structural unemployment correct answers unemployment due to changes in the structure of the economy that result in a significant loss of jobs in cert...

The cross-price elasticity of electricity with respect to the price of natural gas has been estimated as being equal to 0.2. This implies that correct answers electricity and natural gas are substitutes. If the income elasticity of demand for a good is negative, the good is said to be a(n): correct answers inferior good. The long-run price elasticity of supply of crude oil is _____ the short-run price elasticity of supply of crude oil. correct answers greater than The supply curve for a...

____ is the fundamental economic problem that human wants exceed the availability of time, goods, and resources. correct answers scarcity ____ is the study of how individuals and society choose to allocate scarce resources to satisfy unlimited wants. correct answers economics Factors of production classified as: land, labor, and capital are also called . correct answers resources _____ applies an economywide perspective, which focuses on such issues as inflation, unemployment, and th...

National Income and National Expenditure must always be equal. True or False correct answers true As depicted in the circular flow diagram, which of the following are considered factors of production (i.e. inputs)? correct answers Capital Match the factors of production with their corresponding factor payments. Land Labor Capital correct answers rents wages profits Gross Domestic Product (GDP) is the market value of all final goods and services produced in a given nati...

production possibilities frontier correct answers curve that graphs maximum attainable combinations of two given goods that an economy can produce with available resources and technology We can show economic inefficiency: correct answers with points inside the production possibilities frontier. the production possibilities frontier will shift outward correct answers if technological advances occur economic growth correct answers the ability of the economy to increase the production of g...

GDP correct answers Gross Domestic Product- the total market value of all final goods and services produced annually in an economy GDP per capita correct answers The market value of all final goods and services produced within a country in a year divided by the population The growth rate of GDP tells us correct answers How quickly a country's production is rising or falling over time. What is the best measure of a country's changing living standards? correct answers Growth in real GDP...

Economy of Communion correct answers breaking down divide between people on which economic exchanges are based Eucharist correct answers consumption means assimilation to a public body (christ), doesn't consume goods for private use Benevolence correct answers free suspension of self-interested exchange, can't be encouraged publicly Radical Individualism correct answers pursuit of self-interest at the expense of surrounding needs of others (libertarianism) Market Power correct answ...

utility correct answers measure of personal satisfaction util correct answers hypothetical unit of utility marginal utility correct answers good or service is the change in total utility generated by consuming one additional unit of that good or service marginal utility curve correct answers shows how marginal utility depends on the quantity of a good or service consumed principle of diminishing marginal utility correct answers each successive unit of a good or service consumed adds ...