Just-in-time production and inventory control can result in:
A. excess inventories that mess up production schedules.
B. a fall in inventories and an increase in efficiency.
C. a lack of coordination between suppliers and retailers.
D. decreased risk bearing on the part of retailers.
Answer: B
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_____________ is defined as firm's ability to earn above-average profit
a. Resource heterogeneity b. Superior performance c. Competitive advantage d. Sustainable advantage
Assume that DeShawn is a single parent who is in poverty. He receives food stamps and Medicaid. For every $100 that he earns, DeShawn loses $35 of his food stamp benefits and $20 in his Medicaid benefits. Also, DeShawn's income is taxed at a rate of 10 percent. Then, Peter's effective marginal tax rate is
a. 45 percent. b. 55 percent. c. 65 percent. d. 70 percent.
The typical monopolistic competitor
A. is a large firm. B. may be a drugstore, restaurant, gas station, or dry cleaner. C. never advertises. D. has a local monopoly.
The graphs above show the production possibilities curves for the U.S. and Canada, which both produce cars and wheat. Determine comparative advantage for each country, and then draw the CPC for each country, assuming that the world price of cars is 1.5 wheat. (Assume that wheat is measured in thousands of bushels.) How would the gains from trade change if the price of cars rose to 1.75 wheat?
What will be an ideal response?