Questions in business

Questions in business

📝 Answered - 1. What effect does a rise in the cost of machinery or raw materials have on the cost of a good? A. A rise in the cost of raw materials (but not machinery) raises the cost. B. The good becomes cheaper to produce. C. The good becomes more expensive to produce. D. It does not have any effect on the cost of the good. 2. What does new technology generally do to production? A. It lowers cost and decreases supply. B. It lowers cost and increases supply. C. It increases cost and decreases supply. D. It has very little effect on production.

📝 Answered - 7. How can the demand for one good be affected by increased demand for another one? a) When goods are bought together, increased demand for one will decrease demand for the other. b) If goods are used together, increased demand for one will increase demand for the other. c) If goods are substitutes for each other, increased demand for one will increase demand for the other. d) A drop in price for a good will increase demand for the good and its substitute. 8. How does the price range affect the elasticity of demand for a product? a) Demand for all goods is elastic if the price is low enough. b) Demand for a good can be elastic at a low price but inelastic at a high price. c) Demand for a good can be inelastic at a low price, but elastic at a high price. d) Price range has little or no effect on elasticity of demand for a good.

📝 Answered - Is it legal to advertise by posting flyers on trees or on neighbors' doorsteps?

📝 Answered - Why do firms spend money and time to advertise?

📝 Answered - A student is interested in whether students who study with music playing devote as much attention to their studies as students who study under quiet conditions. He believes that studying under quiet conditions leads to better attention. He randomly assigns participants to either the music or no-music condition and has them read and study the same passage of information for the same amount of time. Subjects are given the same 10-item test on the material. Their scores appear next. Scores on the test represent interval-ratio data and are normally distributed.

📝 Answered - All economies must decide what to produce. Which of the following says the same thing, but does so more completely? Select one of the options below as your answer: A. All economies must decide how to help firms to maximize their profits. B. All economies should be fair to all people. C. All economies seek to make their rich people even richer. D. All economies must determine how to allocate their scarce resources.

📝 Answered - If the current equilibrium price for a bushel of corn is $50.00, what happens to the equilibrium price of corn if import restrictions on corn are lifted?

📝 Answered - How are all resources scarce, and how do individuals, businesses, and society face scarcity?

📝 Answered - What energy transformation takes place when you lift a chair?

📝 Answered - What are some union issues that are in the popular press (news, magazines, radio, television, or the Internet) today?