Which of the following provides the strongest evidence that a firm operating in the highly competitive retail sector is supplying goods and services that consumers value highly relative to their cost?
a. The top-level managers of the firm are paid high salaries.
b. The firm is on the verge of bankruptcy.
c. The firm is a large corporation.
d. The firm is highly profitable, and its sales have grown rapidly.
D
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Which of the following correctly ranks the amounts from largest to smallest?
A. total output, output per person, average labor productivity B. output per person, total output, average labor productivity C. total output, average labor productivity, output per person D. average labor productivity, output per person, total output
Which of the following is likely to have the most price inelastic demand?
a. yoga mats b. prescription medicine c. protein powder d. gym memberships
Which of the following is NOT a regional trade agreement currently (2014) being considered?
a. the Trans-Pacific Partnership b. the Trans-Atlantic Trade and Investment Partnership c. the North American Free Trade Area d. the Europe-Japan Free Trade Area
The globalized AS/AD model relates:
A. directly to tradable and indirectly to non-tradable goods. B. directly to both tradable and non-tradable goods. C. to tradable goods only. D. to tradable services only.