In what geographic areas would a market-oriented system that remains closer to the command economy end of the spectrum most likely be found?
a. parts of Asia, Africa, and South America
b. Cuba and North Korea
c. Europe and the United States
d. China and Russia
d. China and Russia
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Average product of labor is calculated as
A. (total product) x (total units of labor). B. (total units of labor) / (total product). C. (marginal product) / (total product). D. (total product) / (total units of labor).
Assuming Coors and Budweiser are substitutes, an increase in the price of Coors is likely to cause
A. a decrease in the demand for Coors. B. a decrease in the demand for Budweiser. C. an increase in the demand for Budweiser. D. an increase in the demand for Coors.
What's the most efficient way to get from New York to L.A.?
A) By plane B) By train C) By automobile D) By foot E) Any of the above might be, depending on one's circumstances.
Complaints are often made to the International Trade Commission concerning foreign "dumping" practices. These complaints typically claim that
A) U.S. firms are harmed by the unfair pricing of foreign exporters. B) foreign companies are charging exorbitant prices that are higher than the true value of the products. C) foreign companies are charging prices that are lower than prices they charge countries other than the U.S. D) U.S. consumers are harmed by the lack of quality control or health concerns in foreign countries. E) U.S. consumers cannot differentiate between the foreign and domestic goods.