Which of these would NOT be considered a middleman in a market?
A. a meat distributor
B. a smartphone retailer
C. a produce wholesaler
D. a rice farmer
Answer: D
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In the equation of exchange, the average number of times a dollar is used to purchase a final good or service is the __________ of money
A) turnover B) elasticity C) velocity D) transfer
A defined contribution pension program is one in which
A. those in the plan, as well as their employer, contribute to an account according to a formula, and the investment of that account is under the control of the employee. B. the plan defines eligibility for retirement and benefits according to a set of rules and a formula. C. everyone gets the same amount, regardless of how much they work. D. benefits are untaxed.
How does a network externality serve as a barrier to entry? Is this barrier surmountable? Explain
What will be an ideal response?
In 1984, the National Minimum Drinking Age Act was passed, raising the legal age to consume alcoholic beverages in the United States to 21. In much of Europe, the legal age to consume alcohol is 18. If the legal drinking age in the United States was
changed back to 18, how would this affect the market for alcoholic beverages? What would happen to the equilibrium price and quantity of alcoholic beverages? What will be an ideal response?