Which of the following is NOT an example of product differentiation?
A. A publisher that prints out-of-print books for a customer.
B. A local pub where the bartenders put on a juggling act with the bottles before they mix your drink.
C. Corn from an Iowa cornfield vs. corn from an Illinois cornfield.
D. The Fudge Factory where the workers sing and tell jokes while they make fudge.
C. Corn from an Iowa cornfield vs. corn from an Illinois cornfield.
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The WTO and GATT promote trade by
A) reducing tariffs. B) reducing agricultural subsidies. C) eliminating quotas. D) all of the above.
The price level in the economy between 2014 and 2015 rose from 100 to 105. Between 2015 and 2016, the price level rose from 105 to 110.25. How does the short-run Phillips curve predict the unemployment rate will change as a result?
A) The unemployment rate will decrease since inflation decreased. B) The unemployment rate would not change since there is no change in the rate of inflation. C) The unemployment rate will increase since inflation increased. D) The unemployment rate will decrease since inflation increased.
Rent seeking
a. often entails large opportunity costs. b. prevents waste of resources. c. often promotes fairness in distribution of resources. d. cannot occur in a planned economy.
In the United States today, money consists of
What will be an ideal response?