When the government wants to give an exclusive right to one firm to produce a product, it
A) imposes a tariff on imports of the product.
B) imposes a quota on imports of the product.
C) grants a patent or copyright to an individual or firm.
D) uses antitrust laws to keep other firms from entering the market.
Answer: C
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Refer to Table 2-5. Finland has a comparative advantage in the production of
A) lumber. B) neither product. C) cell phones. D) both products.
Arlo is offered a job in Des Moines, where the CPI is 60, and a job in New York, where the CPI is 125 . Arlo's job offer in Des Moines is for $48,000 . How much does the New York job have to pay in order for the two salaries to represent the same purchasing power?
a. $23,040 b. $52,000 c. $79,200 d. $100,000
Since there are long waiting lists for tickets to events that regularly occur (Duke basketball, the August NASCAR race in Bristol, Tennessee, etc.), a profit-maximizing promoter might
A. lower ticket prices. B. eliminate seating. C. eliminate the event altogether. D. increase seating.
TRK, Inc replaces its outdated assembly line with latest robot technology. Which of the following most likely caused this to happen?
a. The money supply decreased. b. Interest rates dropped. c. The return to saving increased. d. The cost of borrowing increased.