A firm's advertising can help rivals
A) if fit focuses on general problem that the product addresses
B) if it focuses on a secret ingredient that only this firm possesses
C) if rivals do not advertise
D) if rivals advertise
A) if it focuses on a general problem that the product addresses
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Alex has allocated his income in such a way that the marginal utility of the last unit of product X he consumes is 40 utils and that of the last unit of Y is 16 utils. If the unit price of X is $5, then the price of Y must be
A. $1 per unit. B. $3 per unit. C. $2 per unit. D. $4 per unit.
Bonnie can produce either 10 hats or 20 scarves in a month. Phil can produce either 10 hats or 5 scarves in a month. Therefore:
A) Phil has a comparative advantage in hats, Bonnie in scarves. B) Bonnie has a comparative advantage in hats, Phil in scarves. C) Phil has a comparative advantage in both hats and scarves. D) Bonnie has a comparative advantage in both hats and scarves. E) Neither of them has a comparative advantage in hats.
The country whose production possibilities frontier is illustrated above is currently at position A on the production possibilities frontier. If it wishes to move to position B, it will
A) find this change impossible to achieve given the resources it currently possesses. B) have to employ all currently unemployed resources to accomplish this. C) incur an opportunity cost of having to give up some butter in order to make the additional amount of guns desired. D) be able to make the desired switch only if there is a significant improvement in the technology available to the nation.
A change in which of the following causes a shift in the IS curve?
A) autonomous investment B) autonomous net exports C) taxes D) all of the above E) none of the above