The outcome of the game in the figure show predicts that Nike will earn profits of:
A. $2 million.
B. $4 million.
C. $10 million.
D. $15 million.
B. $4 million.
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A good deal of iron ore is mined in Michigan's Upper Peninsula. What is the relationship between the demand for iron ore and the cost of mining operations in Michigan?
A) Changes in the demand for iron ore are caused directly by changes in the cost of iron mining. B) Changes in the costs of iron mining are caused by changes in the demand for iron ore. C) There is no significant relationship because the demand for iron ore is determined by many different people, while the cost of mining the ore is determined by business executives. D) Nobody knows.
If the surplus in the capital account are greater than the deficit in the current account, then
a. the current account must be positive in the long-run. b. the current account must be negative in the long-run. c. exports must be less than imports. d. official reserve transactions must be negative.
One of the reasons communism failed was because:
a. governments ran out of money. b. workers received the same pay whether or not they worked hard. c. there was no unemployment. d. Mao Zedong passed away. e. technological improvements were impossible in a communist economy.
Alcoa had a monopoly in the U.S. aluminum market from the late nineteenth century until the end of World War II. Which barrier to entry was the source of Alcoa's monopoly power?
A. ownership of a vital resource B. government franchises and licenses C. patents and copyrights D. economies of scale