Answered: 1.What term denotes a nation's basis…

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter21: Costs And The Supply Of Goods

Section: Chapter Questions

Problem 2CQ

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2. Top managers demonstrate commitment to ethical business practices with A) the adoption of written codes of ethics

B) employee empowerment

C) decentralized decision making practices D) collusion with other companies

3. Ethics refers to

A)the practice of obeying applicable business laws and regulations B) the ability to recognize a morally problematic situation C) the ability to know right from wrong and to know when you're practicing one instead of

the other D)a series of situations in which an individual must choose between personal interest and the interest of others.

1.What term denotes a nation's basis for allocating its resources among its citizens
A) capital structure
B) ownership processes
C) distribution network
D) economic system
2. Top managers demonstrate commitment to ethical business practices with
A) the adoption of written codes of ethics
B) employee empowerment
C) decentralized decision making practices
D) collusion with other companies
3. Ethics refers to
A)the practice of obeying applicable business laws and regulations
B) the ability to recognize a morally problematic situation
C) the ability to know right from wrong and to know when you're practicing one instead of
the other
D)a series of situations in which an individual must choose between personal interest
and the interest of others.
4. What is the price at which the quantity of goods demanded, and the quantity of goods
supplied are equal
A) The going rate
B) The margin rates
C) The market price
D) The optimum price
5. What marks the key difference between economic systems
A) The way they manage the factors of production
B) The way they transport goods within their borders
The
way
rules and regulations are legislated
D) The way workers are relocated to different regions
6. A new feature on the latest iPhone has made it wildly popular. Which action should
iPhone take to maximize profits
A) Increase the supply of the smart phone.
B) Decrease the supply of the smart phone.
C) Reduce the price of the smart phone.
D) Maintain the current supply until demand falls.
7. How does monopolistic competition differ from perfect competition
A) There are more sellers in a market characterized by monopolistic competition.
B) It is easier for sellers to enter a market or industry characterized by monopolistic
competition.
C) In a perfectly competitive market, products are more dissimilar.
D) In a market characterized by monopolistic competition, individual firms have some
control over price.

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