The production possibilities curve represents which of the following?
a. the amount of goods attainable with variable resources.
b. the maximum amount of goods attainable with variable resources.
c. the maximum combinations of goods attainable with fixed resources.
d. the amount of goods attainable if prices decline.
Answer: c. the maximum combinations of goods attainable with fixed resources.
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Z is a normal good. The equilibrium price and quantity of Z in the year 2011 was $25 and 60 units, respectively. In 2014, the equilibrium price of Z had increased to $35 but the equilibrium quantity had decreased to 50 units
Other things remaining the same, which of the following could explain this change? A) Shift of the supply curve of Z to the left B) Shift of the supply curve of Z to the right C) Shift of the demand curve for Z to the left D) Shift of the demand curve for Z to the right
The features of the U-Form of firm organization are
a. workers have trouble developing a high degree of functional expertise b. it is difficult for employees to share information across positions within a division c. employee evaluation is simplified by managers having similar skill sets than workers d. coordination across divisions is simple and does not take much management time