Which of the following is an example of product differentiation based on the intangible aspects of a product?
a. An electronic company advertising its new range of slim smartphones
b. A consumer durables company advertising its number of years of operation
c. A car mechanic opening his new workshop near a busy highway
d. An electronic company offering a warranty of 2 years for its air conditioners
d
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
In the late 1970s, people feared that the introduction of computers into the workplace would create enormous unemployment because secretaries and data entry clerks would be unemployed. This was a baseless fear, at least for the long run, because
a. computers and employment are unrelated b. the elasticity of work with respect to technology is positive c. technologies that enhance productivity will reduce the supply of labor d. technologies that enhance productivity will reduce the demand for labor e. technologies that enhance productivity will increase the demand for labor
Goods that are rival in consumption, but not excludable are:
A. a common resource. B. a public good. C. an artificially scarce good. D. a private good.
An increase in supply, other things being equal, will cause which of the following to occur?
A. quantity supplied to decrease. B. a leftward shift in the demand curves as the price increases. C. quantity demanded to increase. D. a rightward shift in the demand curve as the price falls.