The U.S. primary steel industry is best described as a:
A. homogeneous oligopoly.
B. differentiated oligopoly.
C. monopoly.
D. cartel.
Answer: A
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Labor force productivity has increased from $30 per hour to $32 per hour over the past year. This could result from
A) an increase in real GDP with no change in the aggregate hours or a decrease in aggregate hours with no change in real GDP. B) only an increase in real GDP. C) an increase in population. D) an increase in the labor force participation rate. E) only a decrease in aggregate hours.
Governments grant patents to encourage
A) low prices. B) firms to form public enterprises. C) research and development on new products. D) competition.
In the United States, the incidence of poverty has declined since the 1970s.
Answer the following statement true (T) or false (F)
The Springfield Bank received 1,500 inquiries following its latest advertisement describing its "establish a Certificate of Deposit (CD)-get a free CD (compact disk)" promotion in the Springfield Shopper, a local newspaper. The most recent similar ad in a similar advertising campaign was in the Brockman Business Newsletter. A local business publication generated 500 inquiries. Each ad in the Springfield Shopper costs $500. Each ad in the Brockman Business Newsletter costs $125. Inquiries from both publications have the same success rate in turning inquiries into sales.(a) Assuming that additional ads will generate similar response rates, is Springfield Bank running an optimal mix of ads in the Springfield Shopper and the Brockman Business Newsletter? Why or why not?(b) If you
claim that the Springfield Bank is currently running an optimal mix of ads, clearly explain why they are using an optimal mix of ads. If you claim that the Springfield Bank is currently not running an optimal mix of ads, clearly explain how the Springfield Bank can better manage the ads. What will be an ideal response?