Using Richard Tedlow's "three phases of marketing," the premium bottled water industry is probably in
A) the first phase, where a very large number of firms are each producing a relatively small volume of premium bottled water.
B) the second phase, where one or a few brands have attained high market shares by selling a large number of bottles of premium water at lower prices.
C) the third phase, where the dominant firms have rapidly introduced a large number of premium bottled water varieties.
D) The market for premium bottled water is too young to categorize using the "three phases of marketing."
Answer: B
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The invention of the cotton gin ushered in the Industrial Revolution and began a long period of technological innovation. What did this technological change do the short-run supply curve?
A) It moved the economy up along a stationary short-run aggregate supply curve. B) It shifted the short-run aggregate supply curve to the left. C) It moved the economy down along a stationary short-run aggregate supply curve. D) It shifted the short-run aggregate supply curve to the right.
In the classical model with an open economy, an increase in government purchases can affect a country's exchange rate, causing its imports and exports to change
a. True b. False
In year 1, the actual budget deficit was $200 billion and the cyclically adjusted deficit was $150 billion. In year 2, the actual budget deficit was $225 billion and the cyclically adjusted deficit was $175 billion. GDP was $1000 billion in year 1 and $1005 billion in year 2. It can be concluded that fiscal policy from year 1 to year 2 was:
A. expansionary. B. contractionary. C. proportional. D. inflationary.
When scarce resources can serve only one user at a time in sequence, which method works well for allocating the scarce resources?
A) first come, first served B) lottery C) contest D) command system