If the relative price of S in terms of T is 2 and S has a nominal price of $1, then the relative price of T is
A) $2.
B) 50 cents.
C) 1/2 S.
D) Need more information to answer.
C
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An oligopoly firm with a differentiated product will generally earn the largest profits without advertising.
Answer the following statement true (T) or false (F)
A tax imposed by a state or local government on retail sales of most products is
A) an excise tax. B) a sales tax. C) a consumption tax. D) a social service tax.
Most empirical studies show that the cost-savings provided by managed care are accomplished by
a. better preventive care. b. reducing the rate of hospitalization. c. denying access to costly specialty care. d. switching to generic drugs. e. all of the above.
Which of the following would economic freedom lead to?
a. A higher standard of living b. Better living conditions c. Longer life expectancy d. Better education e. All of these