The concept of economies of scale becomes especially _____________ to international trade when it enables one or two large producers to supply the entire country.
a. problematic
b. unrelated
c. relevant
d. unproductive
c. relevant
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Efficiency wages cause unemployment because
A) firms pay wages that are above the market wage, causing the quantity of labor demanded to be greater than the quantity of labor supplied. B) firms pay wages that are above the market wage, causing the quantity of labor demanded to be less than the quantity of labor supplied. C) firms pay wages that are below the market wage, causing the quantity of labor demanded to be less than the quantity of labor supplied. D) firms pay wages that are below the market wage, causing the quantity of labor demanded to be greater than the quantity of labor supplied.
An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue
A) variable B) model C) market D) trade-off
The marginal utility per dollar that Harold Stratton receives from oranges is greater than the marginal utility per dollar Harold receives from pears. To maximize his utility, what should Harold do?
A) He should buy fewer pears and more oranges. B) He should buy fewer oranges and more pears. C) He should reduce his consumption of both oranges and pears so that he can buy a greater variety of goods. D) He should acquire more income so that he can afford to buy more oranges and pears.
Refer to the Article Summary. What happens to the profit a car company makes on each car sold if it offers incentives such as discounts, cash rebates, or lease incentives to customers? How might a car company decide which of these strategies to use
What will be an ideal response?