Some examples of standardized products include
a. furniture products, such as chairs and tables
b. clothing products, such as shirts and jeans
c. agricultural products, such as eggs and milk
d. electronic products, such as DVD players and TVs
Ans: c. agricultural products, such as eggs and milk
You might also like to view...
Refer to Table 2-7. Which of the following statements is true?
A) Minnie has an absolute advantage in making umbrellas and Mickey in making hats. B) Minnie has an absolute advantage in making both products. C) Minnie has an absolute advantage in making hats and Mickey in making umbrellas. D) Mickey has an absolute advantage in making both products.
The global financial crisis that started in 2008 has reestablished the continuing relevance of the IMF
Indicate whether the statement is true or false
When the Federal Reserve ________
A) drains liquidity, the federal funds rate falls B) drains liquidity, real interest rates fall C) provides more liquidity, the federal funds rate falls D) all of the above E) none of the above
If producing a good generates pollution (a negative externality), from a social perspective
a. The price will be too low and the quantity produced will be too low b. The price will be too low and the quantity produced will be too high c. The price will be too high and the quantity produced will be too low d. The price will be too high and the quantity produced will be too high e. The price will be too low but the quantity produced will be correct