Which of the following best illustrates a vertical merger
a. GM merges with Chrysler
b. Nike merges with Kraft Foods
c. Microsoft merges with Dell
d. UPS merges with FedEx
e. Apple merges with IBM
C
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Which of the following is a prominent solution to adverse selection in used-car markets?
A) An imposition of a tax on the sale of each unit in the used-car market B) The imposition of a price ceiling in the used-car market C) The imposition of a price floor in the used-car market D) Third-party certification of used cars
When unions raise wages beyond what productivity increases would permit,
A) more union workers are employed. B) there are higher wages for all union members. C) there is a redistribution of income from low- to high-seniority workers. D) nonunion workers wages in the economy also increase.
The explanation for the law of demand begins with
a. a small number of wants satisfied by scarce resources b. finite wants satisfied by infinite resources c. unlimited wants confronting scarce resources d. unlimited wants matching up with unlimited resources e. prices acting as signals to existing and potential suppliers
A quota on imported avocadoes ______________ the price of avocadoes, _____________ consumers' surplus for avocado buyers, _______________ producers' surplus of avocado growers and __________________ tariff revenue. Because the loss to _____________ is more than the gain to ___________________, there is a net loss to society
A) raises; increases; decreases; generates; producers; consumers and government B) lowers; increases; decreases; does not generate; producers; consumers C) raises; increases; decreases; does not generate;consumers; producers and importers D) raises; decreases; increases; generates; consumers; producers and government