Recent developments in political economy
a. render much of the traditional field of political science obsolete.
b. render much of the traditional field of economics obsolete.
c. illustrate the resolute nature of democracy.
d. point to the fact that government is a less-than-perfect institution.
d
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The RBV perspective locates the source of competitive advantage for a firm at the
a. Individual firm level b. Industry level c. Customer Level d. None of the above
The expected value of a random variable is:
a. the measure of its variability. b. the most likely outcome. c. the outcome that will occur on average. d. the relative frequency of a realization.
Apple has been producing the new iPhone throughout 2013, but doesn't plan to sell it until March 2014. How are these iPhones, which are sitting in a warehouse somewhere in the U.S., affecting GDP?
A. They are inventory and will decrease investment in 2013. B. They will increase GDP only in the year they are produced, 2013. C. They are considered inventory until they sell, so investment will increase when they are sold in 2014. D. They are not counted in GDP at all since they were not sold.
The fact that price subsidies reduce economic surplus implies that:
A. we can find an alternative policy that will make both the rich and the poor better off. B. the quantity bought and sold in the market will fall. C. price subsidies help the rich but not the poor. D. price subsidies are not effective at lowering prices.