De Beers became a monopoly by:
a. use of technological superiority.
b. establishing control over diamond mines.
c. ownership of a patent.
d. use of economies of scale.
b. establishing control over diamond mines.
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Other things constant, when households decide to save more, the supply of credit ________ and interest rates ________
A) falls; rise B) falls; fall C) rises; rise D) rises; fall
Sellers are sure the demand for their product is relatively inelastic at the price currently being charged
A) could increase their net revenue by raising the price. B) could increase their total revenue by lowering the price. C) would decrease their net revenue if they raised the price. D) would decrease their total revenue if they raised the price.
By definition, the labor force participation rate is
A) the percentage of institutionalized working-age individuals who are employed or seeking employment. B) the percentage of noninstitutionalized working-age individuals who are employed or seeking employment. C) the annual rate of growth in the number of people who are either employed or searching for available jobs. D) the annual rate of growth in the number of people who are unemployed and searching for available government-provided unemployment benefits.
Using money as a unit of account lowers information costs compared to barter exchanges
a. True b. False Indicate whether the statement is true or false