Product differentiation is _____ based on real physical differences among products.
A. always
B. sometimes
C. never
B. sometimes
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Suppose that a dollar buys 120 yen. If a VCR sells for 18,600 yen in Japan, the price of the VCR in dollars is ________
A) $186.00 B) $223.20 C) $120.00 D) $155.00
In general, during the business cycle, when economic activity is peaking:
a. interest rates begin to creep higher b. unemployment levels are low c. inflation begins to edge higher d. all of the above
Goods are scarce when:
a. their price is too low. b. their price is too high. c. the amount people want is more than the amount available at a zero price. d. people want less of something as compared to what is available. e. their prices are controlled.
If households and businesses correctly anticipate the inflation rate, the unemployment rate
A. will be the cyclical rate of unemployment. B. will be inversely related to the expected inflation rate. C. will be the natural rate of unemployment. D. will be positively related to the expected inflation rate.