Product differentiation occurs when
A. A completely new process is used to produce a familiar product.
B. Buyers perceive differences in the products of several companies.
C. One firm produces many varieties of a product.
D. Sellers perceive differences in the products of several companies.
Answer: B
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If the central bank uses monetary policy to increase the ____________ rate, then commercial banks will reduce their borrowing of reserves from the Fed.
a. savings b. discount c. activity d. return
Other things constant, the quantity of money demanded varies inversely with the:
a. exchange rate. b. commercial loan rate. c. discount rate. d. market interest rate.
When economists refer to investment expenditures they mean the
A. use of today's resources to expand tomorrow's production or consumption. B. purchase of a consumer nondurable goods. C. purchase of stocks or bonds. D. production of intermediate goods.
A game in which the players neither negotiate nor coordinate in any way is a
A) cooperative game. B) noncooperative game. C) zero-sum game. D) negative-sum game.