The case for advertising includes the idea that
A. it creates wants that otherwise would not have existed.
B. firms spend large sums of money to create meaningless differences among products.
C. it can promote competition.
D. it adds to society's scarce resources.
Answer: C
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In monopolistic competition, excess capacity results from
A) the presence of a large number of buyers. B) the mobility of firms into and out of the industry. C) imperfect information about price. D) product differentiation.
Cutting taxes
A) will raise disposable income and lower spending. B) will lower disposable income and raise spending. C) will raise disposable income and raise spending. D) will lower disposable income and lower spending.
The turnpikes built in the early 1800s were
(a) intercity toll roads. (b) highly profitable enterprises. (c) financed entirely by private enterprise. (d) regulated by the federal government.
If the underground economy is sizable, then GDP will
a. understate the economy's performance. b. overstate the economy's performance. c. fluctuate unpredictably. d. accurately reflect this subterranean activity.