Product differentiation allows a firm to compete with another firm on the basis of
A) efficiency.
B) elasticity.
C) quality, price, and marketing.
D) the level of output and the price.
E) demand.
C
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If the marginal propensity to consume (MPC) is 0.75 and there is an increase in planned investment spending of $0.5 trillion, then saving will
A) increase by $0.25 trillion. B) increase by $0.5 trillion. C) increase by $1 trillion. D) remain unchanged.
If real GDP is $13,500 billion and aggregate hours are 110 billion, labor productivity equals
A) $6.75 per hour. B) $104 per hour. C) $123 per hour. D) $675 per hour.
In the presence of asymmetric information,
A) all contracts are efficient. B) efficiency in risk bearing cannot be achieved. C) a trade-off exists between risk-bearing efficiency and production efficiency. D) no contracting will take place.
Which of the following is the best example of the concept of "inferior"?
A. Hot dogs and hot dog buns B. Ramen noodles C. Coke and Pepsi D. SUVs