Are living standards in developed and developing countries converging? Give evidence to support your answer
What will be an ideal response?
Answers should refer to Figures 2.7–2.9 and the supporting text.
How do differences in culture lead to comparative development?
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According to your textbook, globalization tends to increase the productivity of nations through
A) improvements in the labor skills of their citizens. B) increasing technological knowledge. C) improving the coordination of individual economic plans. D) doing all of the above.
Refer to Figure 15-6. The profit-maximizing output and price for the monopolist are
A) output = 62; price = $24. B) output = 104; price = $20.80. C) output = 83; price = $22. D) output = 62; price = $18.
The situation in which one firm can produce the total output of the market at lower cost than several firms is called a
A) natural monopoly. B) pure monopoly. C) ruling monopoly. D) cost monopoly.
If a product is perceived by consumers as homogeneous, which of the following strategies will work to induce brand loyalty?
A. Frequent buyer rebate programs B. Intensive advertising campaign C. Price wars with competitors D. None of the answers are correct.