Reverse engineering is the process of a firm buying other firms' products and:
A. copying them within the limits of law.
B. copying them unlawfully.
C. selling them in the black market for an exorbitant price.
D. selling them in the market for a cheaper price than those firms do.
Answer: A
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If the ________ effect is greater than the ___________ effect, a tax cut will increase revenues.
A. price; quantity B. quantity; income C. income; price D. quantity; price
The demand for a commodity is said to perfectly inelastic when:
a. a prominent change in the price level leaves the quantity demanded totally unchanged. b. a small change in the price level affects the quantity demanded to a large extent. c. a change in the price level has an equal impact on the quantity demanded. d. a change in the price level has a negative impact on the quantity demanded.
When does a subsidy that benefits consumers result in a more efficient allocation of a resource?
A. when the equilibrium price of the good is one that consumers don't like B. when the good being produced or consumed generates a positive externality C. when the good being produced or consumed is not scarce D. when the good being produced or consumed generates a negative externality
For ________, there is a range of exchange rates that can lead automatically to both countries realizing the gains from specialization and comparative advantage.
A. only democratic countries B. very few countries C. only industrialized countries D. any pair of countries