To protect economic profits
A) a firm should try to acquire a barrier to entry.
B) a firm should limit substitutes.
C) a firm should have a patent if possible.
D) all of these choices.
D
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Unplanned inventory decreases: a. tend to result in an decrease in income
b. tend to result in an increase in real output. c. tend to further reduce production. d. signal that demand was weaker than expected.
Saving is often discouraged by usury laws during inflationary periods because
a. nominal rates of interest are kept above real rates of interest. b. nominal rates of interest are kept below inflation rates. c. nominal rates of interest are kept above inflation rates. d. real rates of interest are kept above inflation rates.
Explanations for the high saving rate in China consistent with the life-cycle reason for saving include:
A. lifetime employment. B. low unemployment rates in Japan. C. the desire to leave resources to children who provide support and attention to parents in their old age. D. China's social safety net provides most people little in the way of retirement income.
In the table above, which of the following is TRUE?
A) Jim and Sally have increasing marginal utility. B) Jim has increasing marginal utility and Sally has diminishing marginal utility. C) Jim has diminishing marginal utility and Sally has increasing marginal utility. D) Jim and Sally have diminishing marginal utility.