Independent grocery stores are best-advised to
A. provide a level of service, community involvement, and types of goods Walmart does not.
B. hire less-qualified people to keep costs down.
C. sell exactly the same goods Walmart does.
D. "out Walmart" Walmart by lowering prices.
Answer: A
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If the price of an Xbox player falls, then in the market for Xbox games
A) the demand curve for Xbox games shifts rightward. B) the demand curve for Xbox games shifts leftward. C) there is a movement downward along the demand curve for Xbox games. D) there is a movement upward along the demand curve for Xbox games.
Suppose a roll of paper towels costs $5 at Sam's Quick Stop, a local quick stop, and the same roll of paper towels costs $2 at Big Supplies, a large, retailer located in a more remote location. If a customer's total cost of travel to Sam's Quick Stop is $3 and is $6 to Big Supplies, which of the following is true?
A) It is more expensive for the consumer to buy the paper towels at Big Supplies. B) It is cheaper for the consumer to buy the paper towels at Sam's Quick Stop. C) It is cheaper for the consumer to buy the paper towels at Big Supplies. D) The consumer is indifferent as to where they buy the paper towels.
Consider an industry with 5 firms. Firm A has sales of $6 mil., firm B has sales of $12 mil., firm C has sales of $30 mil., firm D has sales of $50 mil. and firm E has sales of $2 mil. The Herfindahl-Hirschman index for this industry is
a. 3580 b. 3584 c. 2500 d. 3400 e. unknown, not enough information to tell
Which of the following is a unique characteristic of the German health care system?
a. There are no deductibles or copays for medical services. b. Compared to other developed countries, overall service utilization rates are low. c. Certain high-income individuals can choose to opt out of government run insurance altogether and purchase private insurance coverage. d. There is a uniform fee schedule charged to all patients.