Critics of markets that are characterized by firms that sell brand name products argue that brand names encourage consumers to pay more for branded products that
a. have elastic demand curves.
b. are very different from generic products.
c. are indistinguishable from generic products.
d. consumer-advocate groups have found to be inferior.
c
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A free lunch (the absence of a tradeoff) when the production of a good is increased is possible for the entire economy only if
A) resources are used inefficiently. B) there is a movement along the PPF. C) prices are decreased. D) prices are increased. E) less of some product is produced.
Flexible exchange rates are more volatile than floating ones
a. True b. False
The opportunity cost of an item is: a. greater during periods of inflation and lower during periods of deflation. b. the highest valued alternative you give up to get that item
c. the value of all available alternatives you sacrifice to get that item. d. always equal to the dollar value of the item.
Adam Smith's invisible hand principle stresses
a. that benevolence is a powerful motivator that encourages individuals to engage in productive economic activity. b. the tendency of the competitive market process to direct self-interested individuals into activities that enhance the economic welfare of society. c. the potential of government regulation as a means of bringing the self interest of individuals into harmony with the economic welfare of society. d. the tendency of self-interested individuals to pursue activities that benefit themselves but harm the overall economic welfare of society.