Porter's "Five Forces Model" is based on
A) the laws of supply and demand.
B) the law of diminishing returns.
C) the Structure-Conduct-Performance model.
D) the key factors affecting demand.
C
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The gap between rich and poor countries is likely to be greatest for
a. life expectancy b. literacy rate c. per capita income d. moral development e. years of education
The federal government, in order to fund expanded health care, imposes a lump-sum tax on all business property. Profit-maximizing firms that stay in business will respond by
a. raising prices to pay the tax. b. cutting output to reduce costs. c. lowering prices to stimulate demand. d. doing nothing.
When a tax is placed on the sellers of a product, buyers pay
A. more, and sellers receive more than they did before the tax. B. more, and sellers receive less than they did before the tax. C. less, and sellers receive more than they did before the tax. D. less, and sellers receive less than they did before the tax.
In the circular-flow diagram, firms produce
a. goods and services using factors of production. b. output using inputs. c. factors of production using goods and services. d. Both (a) and (b) are correct.