According to the text, grass mowing, T-shirt production, and potato farming are examples of firms
a. that regularly advertise to increase market share
b. whose markets are highly seasonal
c. with high production differentiation
d. with high brand loyalty
e. with no barriers to entry
E
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Suppose that Hawaii legalizes casino gambling. By imposing a tax on casino revenues, the state government is able to eliminate the state income tax on wages. What is likely to be the effect on the labor supply curve in Hawaii?
What will be an ideal response?
Some central banks pursue price stability before they pursue other goals. Which of the following central banks have this kind of hierarchical mandate?
i. Bank of England ii. Bank of Canada iii. European Central Bank iv. Federal Reserve (U.S.A.) A) i, ii, and iv only B) i and iii only C) i and iv only D) ii, iii, and iv only E) none of the above
We know the following about a tie manufacturer: tie sales $1,300, cotton purchases $750, wages $400, interest on business loans $100, and profits $50. What is the contribution to GDP of this producer using the income approach?
A) $550 B) $500 C) $450 D) $400
To say that demand is inelastic means that
A) people do not like the good very much. B) quantity demanded not very responsive to price changes. C) relatively small changes in price lead to relatively large changes in quantity demanded. D) relatively small changes in quantity demanded lead to relatively small changes in price.