________ refers to a firm's ability to raise price without losing all demand for its product.
A. Price discriminating
B. Price taking
C. Market power
D. Price gouging
Answer: C
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Refer to Table 9-10
a. Which person has an absolute advantage in the production of pens? pencils? b. Which person has a comparative advantage in the production of pens? c. Which person has a comparative advantage in the production of pencils?
In 2014, China had accumulated approximately $3.8 trillion worth of reserve assets. These $3.8 trillion entered into China's 2014 balance of payments in the:
a. Trade balance. b. Balance on goods and services. c. The total amount did not enter into China's balance of payments. Only changes enter the balance of payments. d. Reserve Account.
Why doesn't the minimum job proposal offer jobs commensurate with people's skills and education?
A. These people can find such jobs in the marketplace because their skills are valued, making them in high demand. B. These people are holding out for a job in the marketplace. Providing them with jobs wouldn't be offering a minimum job, which is the program's objective. C. The monitoring costs of such a job would be too high, because people will claim to have high skills when they really don't. D. The proposal doesn't believe these people provide more productive skills that other workers.
According to monetarists, an expansionary fiscal policy:
A. will be ineffective because the interest rate will rise and crowd out private investment spending. B. should not be permitted so long as a public debt exists. C. should be used only when unemployment exceeds 6 percent of the labor force. D. will be effective, provided the money supply is held constant.