Which of the following statements is false?
A. While managers must understand how output prices are determined, determination of input prices is irrelevant because it is beyond the manager's control.
B. Output prices influence a firm's revenues.
C. Input prices influence a firm's costs of production.
D. Price determination is the key element in any market system.
A. While managers must understand how output prices are determined, determination of input prices is irrelevant because it is beyond the manager’s control
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A real flow in the circular flow diagram is
i. a firm's payments of wages to its workers. ii. a household's purchase of a new car. iii. a farmer's use of land to grow corn. A) i, ii and iii B) ii only C) ii and iii D) i only E) i and iii
For developing countries, one of the more effective ways to become more developed is
A) to invest in secondary schools. B) to invest more in the military. C) to increase trade barriers. D) to reduce direct foreign investment.