When an entrepreneur introduces a new improved product that is highly valued relative to cost
a. consumers will be worse off.
b. the demand for the products that are good substitutes for the new product will increase.
c. some of the existing products will become obsolete and businesses producing those products will fail.
d. total employment will decline if there are business failures.
C
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The nutritional information now available at many fast food restaurants is an example of:
A. a failed attempt by government to reduce information asymmetry. B. requiring the more informed party to reveal the missing information. C. government regulation to screen out unhealthy food for consumers. D. government requiring the restaurants to signal whether food is healthy or not.
To be counted as part of the labor force, a person must:
a. be less than 65 years old. b. have worked at some time in the past. c. be employed in some productive activity. d. be working or actively looking for work. e. be above 16 years of age.
In the foreign exchange market, the higher the dollar's exchange rate, the
A) larger the supply of dollars. B) smaller the quantity supplied of dollars. C) smaller the supply of dollars. D) larger the quantity supplied of dollars.
Large barriers to entry exist in which of the following market structures?
A. Perfect competition only B. Perfect competition and monopolistic competition C. Oligopoly and monopoly D. Monopoly only