Foreign exchange rates tend toward equality around the world because of the actions of
a. central banks
b. stock markets
c. commodity markets
d. the World Bank
e. arbitrageurs
E
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The price of lumber increased by 10 percent and the quantity supplied increased by 20 percent. The supply of lumber is
A) inelastic. B) perfectly elastic. C) perfectly inelastic. D) unit elastic. E) elastic.
Indirect price discrimination differs from direct price discrimination because
a. In direct price discrimination high value consumers can sometime enjoy the benefits of a low-values customer b. In Direct price discrimination firms do not have to worry about cannibalizing c. In direct price discrimination there is a risk of creating profitable entries for rival but for indirect price discrimination, this can be avoided d. There is no difference between the two
Jay Sorensen, who invented the Java Jacket, earned profits as
A. a risk taker. B. an innovator. C. both a risk taker and an innovator. D. neither a risk taker nor an innovator.
Which of the following does NOT contribute to the marginal productivity of workers?
A. discrimination B. experience C. education D. talent