Figure 18.1Refer to Figure 18.1. The opportunity cost of hang gliders in Canada is:
A. 1/4 of a bicycle.
B. 1/2 of a bicycle.
C. 2 bicycles.
D. 4 bicycles.
Answer: C
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Why can exchange rates be very volatile?
What will be an ideal response?
The problem of "scarcity" applies
A) only in industrially developed countries because resources are scarce in these countries. B) only in underdeveloped countries because there are few productive resources in these countries. C) only in economic systems that are just beginning to develop because specialized resources are scarce. D) to all economic systems, regardless of their level of development.
Trade between industrial countries account for the majority of international trade
a. True b. False Indicate whether the statement is true or false
Answer the following statement true (T) or false (F)
1) Extensive network effects may drive a market toward natural monopoly because consumers tend to choose a common, standard product that everyone else is using. 2) Price discrimination occurs whenever a firm sells a good for two different prices. 3) Price discrimination will result in consumers with more elastic demand purchasing more of the good than when a single price is charged to all consumers in the market. 4) Successful price discrimination requires that buyers charged the different prices be physically separated. 5) Price discrimination is illegal in the United States under antitrust regulations.