The brand name of a firm
A. relates to consumers' perception of product differentiation and to the market value of a firm.
B. has been considered irrelevant by economists since profits for a monopolistic competitive firm are zero in the long-run.
C. is important in the short-run but not in the long-run.
D. has nothing to do with the profitability of a firm.
Answer: A
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All of the following are examples of financial intermediaries EXCEPT
A) stock exchanges. B) credit unions. C) insurance companies. D) retirement funds.
Which of the following is not an example of a fungible commodity?
A. Wheat B. Electricity C. Money D. All of these are fungible commodities.
A patent
a. tends to discourage further innovation, since there are no other competitors to "push" the patentee b. prevents anyone else from buying the same discovery or product for twenty years c. grants exclusive rights over the protected firm for at least fifty years d. is an infringement against an exclusive business right e. prevents anyone else from selling the same discovery or product for twenty years
Why does even a free market economy need some government intervention?
a. to provide for things that the marketplace does not address b. to ensure that the government has the freedom to tax as necessary c. to make sure that the government can fulfill its needs for military personnel d. so that the government has some control over factor resources