Which of the following exemplifies an intangible durable strategy used by firms to prevent competition?
a. Merging with its competitors
b. Using brand name or trademark as a reflection of product quality
c. Advertising
d. Investing in specific assets
B
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What statement best describes the colonial economic experience?
a. The agricultural sector was initially a small portion of the economy, but quickly grew to be the largest sector. b. By the time of the American Revolution, the U.S. colonial economy was larger than about 70 percent of other nation's economies. c. The U.S. colonial economy was particularly hurt during the Seven Year's War. d. Economic growth was irregular and averaged about 0.45% per year.
In the study of labor supply, "leisure" refers to
a. time spent sleeping. b. time spent doing absolutely nothing (except breathing). c. time spent in one's place of residence. d. time spent that is not spent in market work.
Unemployment or underemployment of labor might explain why an economy would be operating inside its production possibilities curve (PPC)
a. True b. False Indicate whether the statement is true or false
Direct controls have a clear advantage when a total ban is necessary
a. True b. False Indicate whether the statement is true or false