In the U.S., the Revolutionary War (1775-1781) was immediately followed by an increase in:
a. trade.
b. inflation.
c. real per capita income.
d. slave imports.
b. inflation
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Comparing developed and developing nations in their use of tariffs, we see that
A) the developing nations' governments get very little revenue from tariffs. B) both governments get large amounts of revenue from tariffs. C) many developing nations' governments get a large portion of their revenue from tariffs. D) developing nations almost never impose tariffs because they want their people to obtain goods and services at the lowest possible price. E) developed nations rely much more than developing nations on tariff revenue.
Provide some real-world examples of price discrimination in action
What will be an ideal response?
Answer the following statements true (T) or false (F)
1) In general, if two stages in a supply chain are making an economic profit by setting prices that exceed their marginal cost of production, managers can increase profit through vertical integration. 2) Because vertical integration is a yes or no decision, managers cannot use marginal analysis. 3) If a firm has a monopoly in both the production and distribution, managers of the two divisions should be encouraged to maximize profits in their separate divisions. 4) If a firm has a monopoly in both the production and distribution, to maximize the overall economic profit of the firm, managers of either the production or distribution center should be instructed to maximize profit and the managers of the other center should be instructed to operate as a competitive market. 5) Vertical integration can eliminate double marginalization.
Banks act as:
A. an organizer among firms in a specific market. B. intermediaries between borrowers and savers. C. informants to various buyers about prices and contracts. D. a negotiator for buyers.