Which of the following is not an example of De Beers Diamonds trying to increase consumer demand?
a. sending the marketing message that a diamond lasts forever
b. ads that illustrate that a diamond should remain in the family and not be sold
c. informing potential customers about how diamonds lose monetary value over time
d. introducing the idea of the diamond engagement ring
e. the "spirit ring" as a sign of independence
C
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Explain how income and substitution effects alter the saving behavior of households
What will be an ideal response?
What causes cyclical unemployment?
a. workers searching for suitable jobs and firms looking for suitable workers b. the persistent mismatch of workers’ skills and the requirements of jobs c. short-term cyclical fluctuations in the economy d. short-term seasonal fluctuations in the job market
Duopoly pricing, grim-trigger strategy, and tit-for-tat all promote cartel pricing by:
A. penalizing the underpricer. B. making underpricing impossible. C. increasing the chance of an underpricer being caught by the rest of the cartel. D. making entry impossible.
There are a number of reasons why labor supply curves will shift in a particular industry. Which one of the following is NOT one of them?
A. There is a change in the market wage rate. B. Taxes on labor affect the labor supply curve. C. job flexibility that determines the position of the labor supply curve D. Changes in working conditions in an industry affect the labor supply curve.