In Lee Benham's 1972 article examining the impact of advertising on the average price paid for a pair of eyeglasses, Benham found that
a. the average price paid for eyeglasses was nearly 20% higher in the states that did not restrict advertising.
b. the average price paid for eyeglasses was nearly 20% lower in the states that did not restrict advertising.
c. there was no difference in the average price paid between states that restricted advertising and those that did not.
d. the average price paid for eyeglasses was almost 5 times higher in the states that did not restrict advertising.
b
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Which of the following curves in the IS—LM model is vertical?
A) The IS curve B) The LM curve C) The FE line D) The AD curve
A fiduciary monetary standard exists when the value of a currency
A) is determined by law. B) is convertible to a fixed quantity of gold. C) depends upon the public's confidence that the currency can be exchanged for goods and services. D) increases with inflation.
Which of the following is most likely to be a monopoly?
a. The local fast-food restaurant b. The local electricity distributor c. The local bathroom fixtures shop d. The local television broadcaster
Explain how a firm values the contribution of workers to its profitability. Would a profit-maximizing competitive firm ever stop increasing employment as long as marginal product is rising? Explain your answer