___________ is the speed and ease of retrieving cash or turning another type of investment into cash
a. Morbidity
b. Liquidity
c. Asset building
d. Lifetime earning credit
B
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Which of the following statements is true?
A) Command economies do a better job at maximizing social welfare in comparison to market economies. B) The incentive problem and the coordination problem lead to lower efficiency in market economies. C) Central planners in command economies have to make decisions that prices would have automatically made in market economies. D) Bringing economic agents together to trade is easier in command economies in comparison to market economies.
Which of the following describes the difference between "scarcity" and "shortage"?
A) There is no difference; either word can be used to describe the situation that exists when there is less of a good or service available than people want. B) There is a shortage of almost everything. Scarcity occurs only if the quantity demanded of a good or service is greater than the quantity supplied at the current market price. C) In the economic sense, almost everything is scarce. A shortage of a good or service occurs when the quantity demanded is greater than the quantity supplied at the current market price. D) In the economic sense, almost everything is scarce. A shortage of a good or service occurs when the quantity demanded is greater than the quantity supplied at the equilibrium price.
If Happy Babies sells its baby formula in the United States for 30 percent less than it does in Canada, this is an example of ________.
A) peak-load pricing B) two-part pricing C) third-degree price discrimination D) second-degree price discrimination
Answer the following questions true (T) or false (F)
1. For a natural monopoly, the marginal cost of producing an additional unit of its product is relatively small. 2. The National Football League has long-term leases with the stadiums in major cities. Control of these stadiums is an entry barrier to a potential new football league. 3. Most pharmaceutical firms selling prescription drugs continue to earn economic profits long after the patents on the prescription drugs expire because they have established a strong foothold in the market.