A situation where a consumer's willingness to use an item depends on how many others use it is
A. a vertical merger.
B. a positive-sum game.
C. a network effect.
D. price-leadership.
Answer: C
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Federal deficits amounted to 3.5 percent of the U.S. GDP by 2003 because of: a. the global financial crisis of 2002 that increased the rate of unemployment
b. an increase in the cost of fighting the war against terrorism. c. an improving stock market that decreased interest payment burdens for the government. d. a decrease in military and defense spending due to the end of the war in Iraq. e. an increase in welfare spending and Medicare expenses.
Suppose there are two types of jobs-safe and risky. Safe jobs currently pay $10 per hour. Risky jobs currently pay $20 per hour. The government intervenes in the market, mandating that all firms offer safe jobs and pay a wage of $10 per hour. Which of the following is true?
A. Workers who originally worked risky jobs are helped by the policy. B. Workers who originally worked safe jobs are helped by the policy. C. Firms that originally offered risky jobs are hurt by the policy. D. Firms that originally offered safe jobs are hurt by the policy. E. No one is hurt by the new policy.
The discovery of new natural resources will cause
A) the economy to move closer to the production possibilities curve. B) the production possibilities curve to shift up and to the right. C) an upward movement along the curve. D) the curve to shift back and to the left.
The value of what Burger King produces in France is included in the United States ________ and in the French ________.
A. GDP; GNP B. GNP; GNP C. GDP; GDP D. GNP; GDP