What effect do import restrictions have on prices?
a. They cause prices to rise.
b. They cause prices to drop.
c. They often cause prices to rise steeply and then drop.
d. They usually do not have any lasting effect on price.
Answer: a. They cause prices to rise.
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Which of the following describes bundling?
a. Selling multiple products as one product b. Allowing customers to buy one product if they also buy another c. Regulating the number of reduced-priced products d. One firm buying the rights to sell the products of another firm
Equilibrium is the point where total spending equals total output, or GDP
a. True b. False Indicate whether the statement is true or false
Several related measures of cost can be derived from a firm's total cost
a. True b. False Indicate whether the statement is true or false
The World Bank defines ________ poverty as an income of less than $3.10 per day per person.
A. severe B. extreme C. significant D. exceptional