As word processing on personal computers expanded, sales of typewriters began to disappear. Which of Porter's competitive forces does this event demonstrate?
A) bargaining power of buyers B) bargaining power of suppliers
C) competition from substitute goods or services D) the threat of competition from new entrants
C
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Suppose the economy is at a short-run equilibrium GDP that lies below potential GDP. Which of the following will occur because of the automatic mechanism adjusting the economy back to potential GDP?
A) Output will decrease. B) Short-run aggregate supply will shift to the right. C) Unemployment will rise. D) Prices will increase.
Explain why the FDIC is following a "too-big-to-fail" policy of fully protecting all depositors at the largest banks
What will be an ideal response?
Suppose Japan has a comparative advantage over Canada in the production of DVDs. This means that Japan:
a. needs fewer resources to produce DVDS than does Canada. b. has better technology for producing DVDs than does Canada. c. has a lower opportunity cost of DVD production than does Canada. d. can produce more DVDs in a given period of time than can Canada.
The system that measures the economy's overall performance is formally known as:
A. national income accounting. B. business cycle measurement. C. GDP assessment. D. final output and income statistics.