Products can be differentiated
A. if the buyers are homogeneous and their number increases.
B. only by brand name.
C. by location and by brand name.
D. none of these.
Answer: C
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According to your textbook, globalization tends to increase the productivity of nations through
A) improvements in the labor skills of their citizens. B) increasing technological knowledge. C) improving the coordination of individual economic plans. D) doing all of the above.
Explain what a model is
What will be an ideal response?
Figure 17-8
Refer to . With trade, the price of wagons in this country is
a.
$8, with 70 wagons being produced in this country, 20 of which are exported.
b.
$8, with 90 wagons being produced in this country, 50 of which are exported.
c.
$5, with 40 wagons being produced in this country and another 30 wagons being imported.
d.
$5, with 40 wagons being produced in this country and another 50 wagons being imported.
Morgan lives in San Francisco and likes to dine out. Morgan has noticed that prices at restaurants near popular tourist destinations in the city tend to be higher than at restaurants of the same quality in other neighborhoods. One reason for this is that:
A. tourists don't worry about money while on vacation. B. search costs are higher for people who are unfamiliar with the area. C. residents don't like to eat in restaurants frequented by tourists. D. restaurant meals are a small fraction of the total cost of a vacation.