The degree to which people have access to goods and services that make their lives easier, healthier, safer, and more enjoyable is called the:
A. scarcity standard.
B. standard of living.
C. microeconomic standard.
D. global standard.
Answer: B
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The international agreement on intellectual property administered by the WTO is known as __________.
A. GATT B. NAFTA C. TRIPS D. WTOP
The midpoint price between $20 and $40 is
a. $10 b. $20 c. $30 d. $15 e. $200
All of the following, except one, would serve to increase competition in an oligopoly. Which is the exception?
a. increased imports from foreign firms b. an increase in the minimum efficient scale c. an increase in the size of the market d. new technologies that reduce barriers to entry e. action by the U.S. Justice Department to break up large firms
Samurai Sushi produces sushi using one variable input - labor. Samurai Sushi is a consumer in the ________ market and a producer in the ________ market.
A. labor; sushi B. capital; labor C. sushi; labor D. capital; sushi