A country that made its courts less corrupt and its government more stable would likely see its standard of living rise
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to Table 2-16. If the two countries specialize and trade, who should export cell phones?
A) They should both be importing cell phones. B) Finland C) Estonia D) There is no basis for trade between the two countries.
A perfectly competitive industry achieves allocative efficiency in the long run. What does allocative efficiency mean?
A) Firms use an input combination that minimizes cost and maximizes output. B) Each firm produces up to the point where all scale economies are exhausted. C) Each firm produces up to the point where the price of the good equals the marginal cost of producing the last unit. D) Production occurs at the lowest average total cost.
False advertising ________ likely to be successful with tickets on a new airline because the tickets are an ________ good.
A) is not; inspection B) is; experience C) is; inspection D) is not; experience
Interdependence in pricing may leading to
A) predatory pricing. B) price-fixing agreements. C) price bundling. D) shifts in elasticities.