The United States' comparative advantage over Japan in the production of rock-n-roll music implies that (for a similar quality of music) the
A) opportunity cost of production is less in Japan.
B) absolute cost of production is less in the United States.
C) absolute cost of production is less in Japan.
D) opportunity cost of production is less in the United States.
E) None of the above.
D
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In many corporations, the managers of the corporation run the corporation, although the shareholders own the corporation. In this situation,
A) there is separation of ownership from control. B) there are no outside directors on the board of directors. C) there is no corporate governance. D) there are no inside directors on the board of directors.
If a dominant firm charged a very high price for its product, the firm ________ face scrutiny by the European Union competitive laws and ________ face scrutiny by the United States antitrust agencies.
A) would not necessarily; would B) would; would not necessarily C) would not necessarily; would not necessarily D) would; would
Which of the following federal agencies is engaged in economic regulation?
A) Occupational Safety and Health Administration B) Federal Motor Carrier Safety Administration C) Food and Drug Administration D) Consumer Product Safety Commission
Select the normative statement that completes the following sentence: If the minimum wage is raised:
A. cost per unit of output will rise. B. workers will gain their rightful share of total income. C. the rate of inflation will increase. D. profits will fall.