A standardized good or service is one:
A. for which any two units of it have the same features and are interchangeable.
B. for which any two units of it have similar features that could be considered close substitutes.
C. that has very distinguishable characteristics, with each unit being economically unique.
D. for which any two units of it have different, unique features.
Answer: A
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In the above figure, when the economy is in a long-run equilibrium, the price level will be
A) 90. B) 100. C) 110. D) 120.
If the government increases funding to college work-study programs, which of the following would happen in the labor market?
a. Wages will increase and the labor force will increase. b. The labor force will decrease but there will be an ambiguous change in the wage. c. Wages will decrease and the labor force will increase. d. The labor force will increase but there will be an ambiguous change in the wage. e. Wages will increase and the labor force will decrease.
According to the above table, if the fourth and fifth largest firms in the industry merge, the four-firm concentration ratio in the industry will be
A. 84.1 percent. B. 69.0 percent. C. 35.8 percent. D. 82.5 percent.
When Carvana sold stock to the public in its IPO, it did so through the New York Stock Exchange. People who bought the shares
A) were promised to be repaid their investment plus interest. B) did so in the indirect finance market. C) own part of the company. D) All of the above are true.