Which of the following is an example of product differentiation?
A. Two shampoos differ only in their labels, but consumers pay $0.20 more for the label they recognize.
B. Mills produce softwood and hardwood, but the two are used for different purposes.
C. Consumers substitute SUVs for cars because SUVs accommodate more passengers.
D. Sugar can be made from sugar beets or sugar cane, and consumers cannot tell the difference.
Answer: A
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If a firm in a perfectly competitive industry is producing at a point where TR equals TC and the market demand increases, then the firm will be making
a. economic profits; it will expand output. b. economic profits; output will not change. c. normal profits; output will expand. d. normal profits; output will not change.
When the exchange rate for the Mexican peso changes from 9 pesos to the U.S. dollar to 10 pesos to the U.S. dollar, then the Mexican peso has ________ and the U.S. dollar has ________
A) appreciated; appreciated B) depreciated; appreciated C) appreciated; depreciated D) depreciated; depreciated
Regional specialization did not emerge in the colonies due to the small size of the cities and towns
Indicate whether the statement is true or false
What is the GDP using the information shown? In billions of dollarsConsumption5,100Investment1,100Transfer payments1,050Government Purchases1,400Exports850Imports950Net foreign factor income20
A. 9,400 B. 6,400 C. 7,500 D. 10,470