As of 2008, with which of the following countries did the U.S. not have a preferential trade agreement?
A) Mexico.
B) Canada.
C) Russia.
D) Israel.
C
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Since 1950, it can be observed that the female participation rate in our labor force has
A) increased. B) decreased. C) stayed constant. D) moved erratically up and down.
If a production process involved the creation of a negative externality, then the social cost of production would be:
A. zero. B. smaller than the private cost of production. C. larger than the private cost of production. D. the same as the private cost of production.
Which of the following statements is INCORRECT?
A. The price elasticity of demand tends to be greater for a specific brand of a product than for a product in general. B. The price elasticity of demand tends to be smaller when consumers have less time to adjust to price changes. C. The price elasticity of demand tends to be greater when a product accounts for a smaller portion of the consumer's budget. D. The price elasticity of demand tends to be greater for a product with more substitutes available.
Answer the following questions true (T) or false (F)
1. The market demand curve facing a monopolist is more elastic than the market demand curve facing a monopolistic competitor. 2. Joe Santos owns the only pizza parlor in a small town that is also home to a McDonald's, a Taco Bell, and a Kentucky Fried Chicken. Using a broad definition of a monopoly, Joe has a monopoly if the menu items sold at the other restaurants are not considered close substitutes for the food sold at the pizza parlor. 3. A snack shop inside a hotel in a busy city has a monopoly on food sales if it is the only food vendor in the hotel that is open 24 hours a day.