A firm that engages in perfect price discrimination produces more output to maximize its profits than it would if it charged only one price
a. True
b. False
A
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The United States appears at times to have a totally schizophrenic attitude toward protectionism
The United States was the country that proposed the establishment of the World Trade Organization as early as the late 1940s, and was also the only industrialized country that refused to ratify this at that time. The United States has consistently argued on the side of multinational free trade in GATT Rounds, and yet maintains many protectionist laws such as those which reserve oil shipments from Alaska to U.S. flag carriers. How can you explain this apparent lack of national consistency on this issue?
Managers of profit centers are usually given a lot of discretion because
a. They always do an excellent job b. The company can never judge their performance c. The company has a clear performance evaluation metric d. They rarely ever do a good job
The demand for a productive resource is
a. demand for the resource itself. b. derived from the demand for the good or service it produces. c. unrelated to the output it produces. d. derived from the demand for the good or service it produces AND demand for the resource itself.
Consider the production possibilities curve [PPC] for a country producing only cheese and wine. The first few resources transferred from cheese to wine production are:
a. those that are most specialized in cheese production. b. those that are most specialized in wine production. c. those that are least specialized in cheese production. d. those that are neither specialized in cheese nor wine production. e. those that are highly specialized in both cheese and wine production.