21) Refer to Table 11-5. Suppose Wal-Mart and Target both advertise that they will match the lowest price offered by any competitor. What is the purpose of such a strategy?  A) to signal to each other not to charge below the current low price B) to signal to each other that they will not hesitate to initiate a price war C) to signal to […]

  52.What is the significance of artifacts in organizational culture?  A.Artifacts are the same as organizational culture. B.Artifacts are the residual parts of the organization that cannot fit into its culture. C.Artifacts represent the directly observable symbols and signs of an organization’s culture. D.Artifacts are the main observable indicators that the organization does not have a culture. E.Artifacts mainly reflect the subcultures that conflict with […]

  101) A perfectly competitive firm’s short-run supply curve is A) horizontal at the market price. B) its total cost curve above the AVC. C) its marginal cost curve below the marginal revenue curve. D) its marginal cost curve above the AVC curve. E) its marginal revenue curve below the ATC curve.   102) The firm’s supply curve is its A) marginal cost curve above […]

  71) Consider Canada’s production possibilities boundary. During the nineteenth and early twentieth centuries, millions of people immigrated to western Canada. The effect on the Canadian economy was to A) move it beyond its new production possibilities boundary. B) move it inside its new production possibilities boundary. C) shift its production possibilities boundary inward. D) shift its production possibilities boundary outward. E) move it along […]

  151.Whenacountrythatimportsaparticulargoodimposesanimportquotaonthatgood, a.consumersurplusincreasesandtotalsurplusincreasesinthemarketforthatgood. b.consumersurplusincreasesandtotalsurplusdecreasesinthemarketforthatgood. c.consumersurplusdecreasesandtotalsurplusincreasesinthemarketforthatgood. d.consumersurplusdecreasesandtotalsurplusdecreasesinthemarketforthatgood. 152.Whenacountrythatimportsaparticulargoodimposesanimportquotaonthatgood, a.producersurplusincreasesandtotalsurplusincreasesinthemarketforthatgood. b.producersurplusincreasesandtotalsurplusdecreasesinthemarketforthatgood. c.producersurplusdecreasesandtotalsurplusincreasesinthemarketforthatgood. d.producersurplusdecreasesandtotalsurplusdecreasesinthemarketforthatgood. 153.Atariffisataxplacedon a.anexportedgoodanditlowersthedomesticpriceofthegoodbelowtheworldprice. b.anexportedgoodanditensuresthatthedomesticpriceofthegoodstaysthesameastheworldprice. c.animportedgoodanditlowersthedomesticpriceofthegoodbelowtheworldprice. d.animportedgoodanditraisesthedomesticpriceofthegoodabovetheworldprice. 154.Atariff a.lowersthedomesticpriceoftheexportedgoodbelowtheworldprice. b.keepsthedomesticpriceoftheexportedgoodthesameastheworldprice. c.raisesthedomesticpriceoftheimportedgoodabovetheworldprice. d.lowersthedomesticpriceoftheimportedgoodbelowtheworldprice. 155.Whenacountrymovesawayfromafreetradepositionandimposesatariffonimports,itcauses a.adecreaseintotalsurplusinthemarket. b.adecreaseinproducersurplusinthemarket. c.anincreaseinconsumersurplusinthemarket. d.adecreaseinrevenuetothegovernment. 156.Ifthedemandcurveandthesupplycurveforagoodarestraightlines,thenthedeadweightlossthatresultsfromatariffisrepresentedonthesupply-and-demandgraphby a.theareaofonetriangle. b.theareaofonerectangle. c.thecombinedareasoftwodifferenttriangles. d.thecombinedareasoftwodifferentrectangles. 157.SupposeIranimposesatariffonlumber.Forthetarifftohaveanyeffect,itmustbethecasethat a.Iranisanexporteroflumber. b.thedomesticquantityoflumbersuppliedexceedsthedomesticquantityoflumberdemandedattheworldpricewithoutthetariff. c.theworldpricewithoutthetariffislessthanthepriceoflumberwithouttrade. d.theworldpricewithoutthetariffisgreaterthanthepriceoflumberwithouttrade. 158.Spainisanimporterofcomputerchips,takingtheworldpriceof$12perchipasgiven.SupposeSpainimposesa$5tariffonchips.Asaresult, a.SpanishconsumersofchipsandSpanishproducersofchipsbothgain. b.SpanishconsumersofchipsgainandSpanishproducersofchipslose. c.SpanishconsumersofchipsloseandSpanishproducersofchipsgain. d.SpanishconsumersofchipsandSpanishproducersofchipsbothlose. 159.Denmarkisanimporterofcomputerchips,takingtheworldpriceof$12perchipasgiven.SupposeDenmarkimposesa$5tariffonchips.Whichofthefollowingoutcomesispossible? a.MoreDanish-producedchipsaresoldinDenmark. b.Moreforeign-producedchipsaresoldinDenmark. c.Danishconsumersofchipsbecomebetteroff. d.TotalsurplusintheDanishchipmarketincreases. 160.Chileisanimporterofcomputerchips,takingtheworldpriceof$12perchipasgiven.SupposeChileimposesa$7tariffonchips.Whichofthefollowingoutcomesispossible? a.ThepriceofchipsinChileincreasesto$19;thequantityofChilean-producedchipsdecreases;andthequantityofchipsimportedbyChiledecreases. b.ThepriceofchipsinChileincreasesto$16;thequantityofChilean-producedchipsincreases;andthequantityofchipsimportedbyChiledecreases. c.ThepriceofchipsinChileincreasesto$19;thequantityofChilean-producedchipsincreases;andthequantityofchipsimportedbyChiledecreases. d.ThepriceofchipsinChileincreasesto$16;thequantityofChilean-producedchipsincreases;andthequantityofchipsimportedbyChiledoesnotchange.    

  8.4  Trade Between Countries 1) If a nation is a net importer it means that the: A) nation only imports goods and services and does not export any good. B) nation only imports those goods in which it has an absolute disadvantage. C) nation’s imports are worth more than exports over a given period of time. D) nation prohibits the import of goods and […]

  1.2   The Economic Way of Thinking   1) Rational choice A) is a choice that uses the available resources to best achieve the objective of the person making the choice. B) is always efficient. C) is what you must give up to get what you want. D) is made by comparing different incentives. E) provides the answer to only the “how” question. 2) A […]

  91) Although capital is a variable factor in the long run, once chosen it becomes a fixed factor for a long time. A profit-maximizing firm must therefore select a method of production that is A) economically efficient at current factor prices. B) technologically advanced beyond methods currently used. C) labour intensive, as labour is always a variable factor. D) economically efficient at current factor […]

  101.Home-country managers’ performance appraisals may be biased by:   A. distance and by their own lack of experience of working abroad. B. poor networking skills. C. lack of technological know-how. D. learning effects. E. taking hard variables as well as soft variables into consideration. 102.Which of the following steps is true of bias in performance evaluations?   A. More weight should be given to an off-site manager’s appraisal than an on-site […]

  21) If a union restricts the supply of labor, it ________ the wage rate and ________ the level of employment. A) raises; decreases B) raises; increases C) raises; does not change D) lowers; decreases E) lowers; increases   22) Unions ________ free trade and ________ a higher minimum wage. A) favor; favor B) are neutral toward; oppose C) favor; oppose D) oppose; favor E) […]