Building a good reputation in the marketplace:
A. is easy to fake.
B. can take a long time to establish.
C. is not a significant value to a seller.
D. All of these statements are true.
B. can take a long time to establish.
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If this firm were a perfect competitor, it would produce at _____ units of output and charging a price of _______.
A. 200; $7.00.
B. 200; $12.80.
C. 280; $10.40.
D. 280; $12.00.
When Mik has an absolute advantage in the production of two goods over Tommy, Mik
A) is less productive than Tommy. B) is better off if he does not engage in specialization and trade with Tommy. C) is more productive in producing both goods than Tommy. D) always has a comparative advantage over Tommy in the production of both goods. E) cannot gain from trade with Tommy.
National income is derived from gross domestic product by
A) adding personal income and transfer payments to gross domestic product. B) subtracting depreciation from gross domestic product. C) subtracting retained earnings from gross domestic product. D) adding personal taxes and depreciation to gross domestic product.
All of the following are aspects of microeconomics EXCEPT
A) monopolies. B) a firm maximizing profit. C) a worker choosing one job over another. D) the average level of prices of all goods and services produced in a country in a year.