The textbook provides examples of markets that are
A. local, national, and global.
B. national and global.
C. individual, local, national, and universal.
D. local and global.
Answer: A
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If product price decreases, then:
a. MP will increase. b. MFC will increase. c. MRP will increase. d. MRP will decrease.
When firms are faced with making strategic choices in order to maximize profit, economists typically use ____ to model their behavior
a. monopoly theory b. game theory c. cartel theory d. the theory of perfect competition
In the 1980s, the federal government undertook a major build-up of the military sector, leading to reports that prices charged by military contractors were spiraling upward. According to production possibilities analysis, this result is not surprising due to:
A) the law of increasing opportunity cost. B) economic efficiency. C) technical efficiency. D) resource underutilization.
Why does the appreciation of a country's currency tend to decrease its price level?
A. Domestic buyers tend to substitute domestic products for imports. B. A currency appreciation makes a country's products more competitive in world markets, so exports rise. C. A currency appreciation makes imported inputs more expensive. D. A currency appreciation makes imported inputs less expensive.