Which of the following is an example of basic research?
a. Conducting animal tests to determine if a product contains irritants
b. Soft drink bottlers testing consumer reactions to their advertisements
c. A statistician calculating the odds of winning a promotional sweepstakes that a company is running
d. A catalog sales company timing its operators to see how many calls each is handling per day
e. A chemist building a mathematical model of the atmosphere of Jupiter
e
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If the demand in a perfectly competitive market decreases, the price will:
A. temporarily increase. B. increase permanently. C. temporarily decrease. D. decrease permanently.
The provision of public goods gives rise to
a. no externalities. b. positive externalities. c. negative externalities. d. rivalries in consumption.
A model in which individual producers act as price setters, because there are only a few sellers and the product they sell is not standardized, is called
A. perfect competition. B. monopoly. C. imperfect competition. D. monopsony.
Which of the following will be included in the income-based method of national accounting?
A) A firm's expenditure on raw materials B) A student's expenditure on education C) A consumer's expenditure on a imported car D) A worker's retirement benefits