Price discrimination is:
A. always legal.
B. always illegal.
C. only illegal if it hurts consumers more than nondiscrimination.
D. only illegal if used to lessen or eliminate competition.
Answer: D
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Pork can be used to produce bacon or sausage, but not both. If the price of bacon rises for some reason, then, everything else equal,
A. the price of sausage will rise. B. the price of sausage will fall. C. the resources used in raising pork will become more expensive. D. the resources used in raising pork will become less expensive.
Why don't people take into consideration the external costs of their actions and reduce the amount of externalities?
What will be an ideal response?
Under what circumstances does inflation cause no harm to either lenders or borrowers?
a. When inflation equals 0. b. When inflation equals the historic mean. c. When inflation equals the inflation of the year before. d. When there is deflation. e. When the actual inflation rate equals the expected inflation rate.
Suppose Japan has a comparative advantage over Canada in the production of DVDs. This means that Japan:
A. needs fewer resources to produce DVDS than does Canada. B. has better technology for producing DVDs than does Canada. C. has a lower opportunity cost of DVD production than does Canada. D. can produce more DVDs in a given period of time than can Canada.