A currency system in which governments try to keep the values of their currencies constant against another is called a ________ exchange rate system.
A. fixed
B. stable
C. consistent
D. flexible
Answer: A
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Nike has used Michael Jordan to create the impression that Air Jordan basketball shoes are superior to any other basketball shoes. Nike is attempting to
A) differentiate Air Jordan basketball shoes from other types of basketball shoes. B) convince consumers that Air Jordan basketball shoes are no different from other basketball shoes favored by celebrities. C) lower the marginal cost of producing Air Jordan basketball shoes. D) increase its profit by raising the price of Air Jordan basketball shoes.
A market tends to be monopolistic if
a. The good has too many substitutes b. The good has very few substitutes c. The good has too many complements d. The good has very few complements
In a labor market dominated by a union, the supply of labor to a firm is depicted as a horizontal line
a. True b. False
Economists tend to see taxing an action that produces a negative externality as:
A. the best solution possible, but often unattainable. B. the second best solution possible but one that is attainable. C. the best solution possible and often the most attainable. D. the second best solution possible, but often unattainable.