People benefit by participating in the market because
A. Market participation allows individuals to specialize and, with trade, ultimately consume more.
B. Resources are no longer limited.
C. Participants in the market do not have to make choices.
D. There are always participants in the market that are more efficient than you are in production.
Answer: A
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The RBV perspective locates the source of competitive advantage for a firm at the
a. Individual firm level b. Industry level c. Customer Level d. None of the above
Which two countries ran substantial trade surpluses for most of the last three decades?
a. Germany and Russia b. Russia and Japan c. Germany and Japan d. Germany and Mexico
Perfect central planning is nearly impossible for all of these reasons except
A. production processes between industries are often interdependent. B. some processes must be decided together, and not individually, because of their interdependence. C. if the output target for one industry is adjusted, many others must also be adjusted. D. All of these reasons are correct.
When personal computers became popular, several new firms entered the competition. What effect did this have on supply?
A. Increase in the quantity supplied B. Decrease in the quantity supplied C. Shift of the supply curve to the left D. Shift of the supply curve to the right