In which of the following cases does the Robinson-Patman act not apply?
a. There are no cost differences to serving different groups
b. Discounts are never offered to meet competition
c. The industry does not engage in promotional allowances
d. All of the above
d
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In the Keynesian framework, as long as output is ________ the equilibrium level, unplanned inventory investment will remain negative and firms will continue to ________ production
A) below; lower B) above; lower C) below; raise D) above; raise
Demand-pull inflation is associated with a(n):
a. decrease in the aggregate supply curve. b. increase in the aggregate supply curve. c. increase in the aggregate demand curve. d. decrease in the aggregate demand curve. e. decline in the availability of a productive resource
Nascent industries require adequate protection from foreign competition because:
a. they experience economies of scale. b. they experience diseconomies of scale. c. the quality of the products of such industries are comparatively inferior than the products of their foreign competitors. d. they do not have adequate resources to undertake research and development. e. their initial costs of production are considerably higher than the foreign firms.
To avoid an increase in the local property tax, Sullivan County, New York, proposed a 2 percent hotel tax, which presumably would be passed on to tourists. The hotel industry argued that the tax would hurt hotel business. They are really arguing that
a. tourist and convention demand is inelastic, so hotel bookings will decline. b. tourist and convention demand is very elastic, so hotel bookings will decline. c. they would prefer a property tax increase instead. d. it is unfair to tax people who do not live in the area.