Is the measure of the percent change in the quantity of a good demanded divided by the percent change in the price of that good

1._____ is the measure of the percent change in the quantity of a good demanded divided by the percent change in the price of that good.

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  Quantifiable output
  
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  Inelastic demand
  
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  Price elasticity of demand
  
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  Law of demand
  

2.Identify which of the following is an example of a subsidy:

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  When Thomson International reports a larger company for attempting a hostile takeover and seeks help from the SEC.
  
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  When Thomson International benefits from a new great tax plan from the government which decreases taxes for large businesses by 10%.
  
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  When Thomson International receives direct money from the government so as to encourage their production of certain goods.
  
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  When Thomson International reports to the government that there is a cartel being formed on the domestic market and requests government intervention.
  

3.Why does market equilibrium cause stable prices?

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  Because it is the point where buyers can get the least goods or services available at the highest price offered by the sellers.
  
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  Because the amount of goods or services sought by buyers is equal to the amount of goods or services produced by sellers.
  
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  Because the amount of revenue spent on by sellers to advertise their goods or services is equal to their total variable costs.
  
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  Because the quality of goods or services sought by buyers is equal to the amount of goods or services produced by sellers.
  

4.Tina has been working in the banking sector for a long time. She switched jobs and now works for Goldman Sachs and has gotten a very large salary. She used to mostly eat at her local cheap Chinese restaurant and wore normal clothing, but now she eats at expensive restaurants and wears luxurious clothing. What is the changed concept of Tina's habits called?

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Cross price elasticity

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Inelastic demand

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Income elasticity of demand

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Controlled elasticity of demand

5.Corporate officers are responsible for _____.

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  creating human resource policies
  
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  deciding on the vision of the company
  
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  creating marketing policies
  
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  day-to-day operations
  

6.One of the main traits of a corporation is that it is owned by _____.

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  partners
  
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  shareholders
  
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  managers
  
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  an individual
  

7.Which of the following is an example of barriers to entry?

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  All of the answers are correct
  
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  Technology challenges
  
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  Government regulation and patents
  
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  Start-up costs
  

8.John produces cheap laptops and cell phones and has some expenses that are the same each week. Some of these expenses are the rent for his office space and the salaries of his employees. What are these costs called?

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  Total costs
  
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  Variable costs
  
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  Infrastructural costs
  
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  Fixed costs
  

9.Factory rent, payroll taxes on direct labor wages and machine maintenance are all examples of _____.

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direct costs

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non-traditional costs

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standard production costs

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manufacturing overhead
10._____ production planning is often referred to as the research and development stage.

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  Short-term
  
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  Tactical
  
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  Long-run
  
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  Operational