The maximization of profit and the minimization of losses is the primary factor affecting the economic decision making of:
A. entrepreneurs.
B. workers.
C. consumers.
D. public officials.
Answer: A
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Both Mergatroid and the Geebocks produce only gizmos and widgets. It is possible for Mergatroid to have
A) an absolute and a comparative advantage in both products. B) an absolute but not a comparative advantage in both products. C) a comparative but not an absolute advantage in both products. D) neither a comparative nor an absolute advantage in both products.
If a consumer receives 20 units of utility from consuming two candy bars, and 25 units of utility from consuming three candy bars, the marginal utility of the second candy bar is
A) 25 utility units. B) 20 utility units. C) 5 utility units. D) unknown as more information is needed to determine the answer.
Collusion is:
A. more likely when the threat of market entry is missing. B. more likely in perfectly competitive markets. C. less likely when the threat of market entry is missing. D. not affected by firm’s ability to enter a market.
All of the following are true about foreign direct investment (FDI) and portfolio investment EXCEPT
A) increases in the flow of portfolio investments increase the likelihood of financial crisis. B) both portfolio investments and FDI are the same in that they both give their holders a claim on the future output of the foreign economy. C) FDI is relatively illiquid compared to portfolio investment. D) portfolio investments have been on the decline in recent years (or decades).