Product reviews help to alleviate problems associated with:
A. asymmetric information.
B. moral hazard.
C. positive externalities.
D. negative externalities.
Answer: A
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Generally, opportunity costs increase and the production possibilities frontier bows outward. Why?
A) Unemployment is inevitable. B) Resources are not equally useful in all activities. C) Technology is slow to change. D) Labor is scarcer than capital.
If the current margin is greater than the desired margin, the firm should
a. Increase production b. Decrease production c. Not change production level d. Production ceases
If an inefficient public monopoly cannot provide a service at a price that sufficient numbers of people are willing to pay it:
A. can remain in operation by covering its losses with revenue from taxes. B. must shut down and leave the industry in the long run. C. should expand operations until demand is satisfied. D. will seek out more efficiencies.
If purchases power parity exists and the exchange rate is 1.50 u.s. dollars per British pound, then a latte that has a price of $4.00 in Northridge, California, has a price of _ in London, England?
a. 8.00 pounds b. 4.00 pounds c. 6.00 pounds d. 2.67 pounds e. .38 pounds