Which of the following makes a firm's resources hard to imitate?
a. Do not use resources that flow from the firm's unique history
b. Keep the link between resources and advantage simple
c. Resources emanate from a socially complex organizational structure
d. All of the above
c
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What are the four categories of aggregate expenditure?
What will be an ideal response?
The figure below represents the U.S. market for steel imports from South Korea. The South Korean government provides an export subsidy of $25 per ton, and South Korean firms use the subsidy to reduce their export price to the United States to $375 per ton.
The change in national welfare in the United States when the South Korean government provides an export subsidy of $25 per ton is
A. + $375 million. B. + $4.125 billion. C. -$4.5 billion. D. - $3.75 billion.
Which of the following is an argument an economist would use to argue against market regulation designed to protect consumers?
A. Manufacturers have no incentive to stop the sale of counterfeit products. B. When a brand name product is found unsafe, the value of the brand is reduced, which gives companies with brand names an incentive to produce high-quality products. C. Government is more likely to have consumers' interest in mind than does the market. D. Information is costless and readily available, and so it is up to consumers to beware.
Use the following figure showing the domestic demand and supply curves for product B in a hypothetical economy to answer the next question.
Prior-to-trade (autarky) producer surplus equals area(s)
A. J + I. B. E + F + J + I. C. E + F. D. J.