Which of the following is a situation in which all countries can benefit, even if some benefit more than others?
A. Near equivalent-result game
B. Positive-sum game
C. Balanced scorecard
D. Zero-sum game
E. Economic progression
Answer: B. Positive-sum game
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When the price of milk goes up as a result of a rightward shift of the demand curve for milk, the total revenue collected by milk producers will
A) increase only if milk is inelastic in supply. B) decrease only if milk is elastic in supply. C) remain constant only if milk has a unitary price elasticity of supply. D) none of the above
Costs that tend to deter firms from changing their prices in response to changes in the market equilibrium price are referred to as
A) large menu costs. B) small menu costs. C) real menu costs. D) burden costs.
Which of the following statements explains why trading partners are often concerned about each other's labor standards?
I. From a humanitarian perspective, people do not want to buy products if workers are in oppressive conditions. II. Unions realize that low standards for labor will be less costly, and those products will compete more effectively with products produced at home. III, Some nations do not enforce their own lax labor standards, but have also signed on to trade agreements. a. I b. II c. II and III d. I, II, and III
Refer to the graph shown.
A peak occurs when the economy is at point:
A. A. B. B. C. C. D. D.