Broadly defined, technological advance:
A. can occur in the short run, long run, or very long run.
B. comprises new and improved goods and services and/or new and improved ways of
producing or distributing them.
C. includes invention but not innovation or diffusion.
D. includes product innovation but not process innovation.
Answer: B
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According to the Law of One Price, if two countries produce an identical good, assuming transportation costs and trade barriers are not an issue ________
A) the value of the currency in both countries should rise B) the value of the currency in both countries should fall C) the price of the good should be the same in the two countries D) the value of the currency in one country will rise by the same amount that the value of the currency in the other country falls
Your nominal wage increases from $12 per hour to $13 per hour. At the same time, the price level increases from 140 to 147 . As a result,
a. The number of dollars you receive increases and the purchasing power of the dollars you receive increases. b. The number of dollars you receive increases and the purchasing power of the dollars you receive decreases. c. The number of dollars you receive decreases and the purchasing power of the dollars you receive increases. d. The number of dollars you receive decreases and the purchasing power of the dollars you receive decreases.
Jim's Burgers produces 500 burgers per week. He can sell as many burgers as he can cook for $3 . What is the marginal revenue from selling the 50th burger?
a. $3 b. $150 c. $147 d. It cannot be determined with the information given
Offering goods that are similar to competitors' products but more attractive in some ways is called:
A. product distinction. B. price-point pinning. C. product differentiation. D. deceptive advertising.