Oligopolists often sacrifice economies of scale as they expand product variety
a. True
b. False
A
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Firms that contain some divisions that produce parts and components to be used by other divisions in order to generate finished goods are said to be:
A) horizontally integrated. B) vertically integrated. C) multinationals. D) corporations.
The problem with using foreign exchange rates to convert one country's GDP into dollars is that
A. exchange rates do not reflect differences in inflation rates. B. not all goods and services are sold on world markets. C. the dollar has been losing value over the last twenty years. D. the values of currencies are not comparable.
Right-to-work laws
A. make it illegal for a state to pass any laws regarding union membership. B. make it illegal to require a union member to work abroad. C. make it illegal to require union membership as a condition of continuing employment in a particular firm. D. make a closed shop arrangement a legal condition that allows employees to obtain a particular job.
The demand for inputs is a derived demand because
A. it does not come from competitive markets. B. it depends on the demand for outputs. C. it is derived from production. D. it is derived from nature.