An exclusive contract
a. makes it illegal to price discriminate
b. requires a buyer to purchase all products from a specified supplier
c. requires a buyer not to purchase any products from the competitor of a specified supplier
d. requires the buyer to purchase a second product as a condition of receiving the one he wants
e. requires a seller to market its product within a limited geographic territory
C
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Which of the following is NOT a characteristic of high-growth Asian economies?
A) stable macroeconomic policies B) similar governments C) credible commitments to expanding access to health care D) the development of skilled workforces
Under some circumstances, trade could stifle the development of new industries and reduce global efficiency. All of the following describe conditions that could lead to that situation EXCEPT
A) an initial head start gives a scale advantage to already existing firms in one country. B) diseconomies of scale make it impossible for new firms to enter the market. C) a location has a better-developed linkage between suppliers and producers, giving it a cost advantage. D) a historical accident, such as the shifting of airplane production to the United States to avoid World War II bombings, causes firms in one location to have a competitive advantage.
The seasonally adjusted unemployment rate
A) reports only seasonal unemployment. B) removes the seasonal variation from the unemployment rate. C) is impossible to compute since no one knows what the seasonal component equals. D) is another name for structural unemployment.
What is the difference between short-run equilibrium and long-run equilibrium in the goods and services market?