In which of the following countries are citizens required to vote?
a. Greece
b. Canada
c. United States
d. France
a. Greece
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Microsoft hires marketing and sales specialists to decide what prices it should set for its products, whereas a wealthy corn farmer in Iowa, who sells his output in the world commodity market, does not. Why is this so?
A) because unlike Microsoft, the wealthy corn farmer is probably a monopolist B) because the wealthy corn farmer is a price taker who chooses his optimal output independently of market price but Microsoft's optimal output depends on the price it selects C) because Microsoft could potentially lose sales if it sets prices indiscriminately D) because Microsoft is large enough to hire the best people in the field
OPEC periodically meets to agree to restrict the cartel's oil output, and yet almost every member of OPEC produces more than its own output quota. This suggests that OPEC has
A) a threat of substitute goods. B) a noncooperative equilibrium. C) new potential entrants. D) a cooperative equilibrium.
Some labor union wage contracts contain a cost-of-living adjustment indexed against _____________.
a. inflation b. consumer prices c. cost of materials d. profits
Suppose the United States can produce either 15,000,000 cars or 20,000,000 bottles of wine in a year and France can produce 10,000,000 cars or 18,000,000 bottles of wine in a year. This implies that:
a. the United States has a comparative advantage in the production of wine. b. France has a comparative advantage in the production of cars c. the United States has an absolute advantage in the production of cars. d. France has an absolute advantage in the production of wine.