What product did the Roman citizen Erasmo (c. 130 A.D.) produce and how did he maintain his trade secret?
What will be an ideal response?
He produced violin strings out of sheep intestines. To maintain a trade secret, he said he made the strings out of catgut. Cats were considered bad luck to kill, so by falsely stating the strings were made with catgut he hoped to dissuade other potential producers from entering the market so he could maintain his brand and monopoly power.
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The Federal Open Market Committee (FOMC)
A. provides advice on banking stability to the Fed. B. follows the actions and operations of financial markets to keep them open and competitive. C. sets policy on the sale and purchase of government bonds by the Fed. D. monitors regulatory banking laws for member banks.
What is the Economic Freedom of the World index designed to measure? What will determine whether the rating of a country will be high or low on this index?
A basic principle of economics is that a country's standard of living depends on its
a. quantity of physical capital. b. abundance of natural resources. c. ability to produce goods and services. d. ability to thrive economically without having to interact with other countries.
What are the expected economic outcomes when the Fed lowers the discount rate and the target for the federal funds rate?
What will be an ideal response?