For a new product to be profitable, it must:
A. enable customers to obtain greater total utility from their money income.
B. be less expensive than existing substitute products.
C. have greater marginal utility than existing substitute products.
D. embody process innovation.
Answer: A
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Which of the following is a topic studied in macroeconomics?
A) how the wheat industry determines how much wheat to grow B) the effect on economic growth if the government raises taxes C) the impact of labor unions on wages D) the pricing decisions in the computer hardware industry E) the impact of higher prices for gasoline on the number of SUVs people buy
As the usage of an input increases, marginal product:
A. initially decreases then begins to increase. B. consistently decreases. C. initially increases then begins to decline. D. consistently increases.
The unemployment rate equals the number of persons:
A. unemployed divided by the number employed. B. unemployed divided by the number in the labor force. C. unemployed divided by the population age 16 and over. D. not working divided by the population age 16 and over.
Which of the following disperses power between two legislative chambers?
A. federal countries B. bicameral countries C. unitary countries D. higher law constitutions