Suppose you were told that Botswana had few skilled workers, a primitive banking system, and an inefficient and limited electric power industry. You would know that the person was describing was Botswana's problem with
a. its economic infrastructure
b. political stability
c. its agricultural sector
d. its traditional values
e. poverty
A
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Who benefits the most from competitive markets?
A. Consumers B. Producers C. The government D. Investors
If Ford raises the price of its automobiles, the demand curve for GM automobiles
a. shifts to the left b. is unaffected c. becomes more elastic d. shifts to the right e. becomes vertical
You are the manager of a firm that produces output in two plants. The demand for your firm's product is P = 120 ? 6Q, where Q = Q1 + Q2. The marginal costs associated with producing in the two plants are MC1 = 2Q1 and MC2 = 4Q2. What price should be charged to maximize profits?
A. 60 B. 70 C. 66 D. 76
Which of the following are examples of tools used to reduce adverse selection?
A. dealer warranties B. lemon laws C. universal health coverage D. all of the above