In monopolistic competition, there are no brands, all the producers produce only identical, generic products
a. True
b. False
Indicate whether the statement is true or false
False
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The primary purpose of a conglomerate merger is
a. to achieve economies of scale available through increased production of a single good. b. to allow for decentralized management by spreading authority of a number of people spread throughout company locations. c. to avoid adverse effects of business cycles through diversification. d. to reduce competition by purchasing and then closing competing firms.
If income doubles and the quantity demanded of good X more than doubles, then good X can be described as a
a. substitute good. b. complement good. c. necessity. d. luxury.
Over the past 30 years, the number of jobs in the United States requiring skilled labor has been declining as foreign countries steal these jobs away from the U.S. As a result, the domestic demand for skilled labor has been falling and the wage gap between skilled and unskilled labor has been narrowing
a. True b. False Indicate whether the statement is true or false
The following input-requirements data are for Country A, a capital-abundant country that produces nothing but bread and wine using only capital and labor as inputs. According to the H-O theory, Country A has a comparative advantage in the production of 1 Pound of Bread1 Gallon of WineCapital Input5 units20 unitsLabor Input4 units10 units
A. wine. B. both bread and wine. C. bread. D. neither bread nor wine.