Sweden and Norway would best be described as _______ countries.
A. Capitalist
B. Fascist
C. Communist
D. Socialist
D. Socialist
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The price of Y is $10.According to the above figure, which of the following are points on the consumer's demand curve for X?
A. $2, 300 units B. $5, 120 units C. $3, 120 units D. both a and b E. both c and d
Which of the following taxes is most likely to be regressive?
A. Personal income taxes B. Corporate income taxes C. Estate taxes D. General sales taxes
Why is the indifference curve convex or bowed inward?
A. As you consume more of one good you are willing to give up less of the other good. B. As you consume less of one good you are willing to give up less of the other good. C. As you consume more of one good you are willing to give up more of the other good. D. As you consume more of one good you are willing to give up half of the other good.
Refer to Figure 14-1. Should Lexus lower its price in order to deter BMW's entry into the luxury hybrid automobile market?
A) Yes, it will drive BMW out of the market. B) No, it should keep the same price and work to capitalize on its brand loyalty. C) In terms of profit earned, it makes no difference whether Lexus lowers its price or not; in either case it will make $280 million profit if BMW enters. D) No, because BMW will enter the market regardless of Lexus' decision about its price.