A firm facing a linear demand curve maximizes its total revenue where demand is:
A. perfectly inelastic.
B. inelastic.
C. elastic.
D. unit elastic.
Answer: D
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Refer to Table 2-10. Which of the following statements is true?
A) Barney has a comparative advantage in making unicycles and Fred in making pogo sticks. B) Barney has a comparative advantage in making pogo sticks and Fred in making unicycles. C) Barney has a comparative advantage in making both products. D) Fred has a comparative advantage in making both products.
Futures contracts are least likely to be traded on which of the following exchanges?
A) New York Stock Exchange B) Chicago Board of Trade C) Chicago Mercantile Exchange D) All of the above are equally likely to trade futures contracts.
Trade secret law ________ the owner from making any public disclosure about the trade secret and trade secret protection has a(n) ________ definition.
A) encourages; indefinite B) discourages; definite C) discourages; indefinite D) encourages; definite
One of the differences between the GDP deflator and the consumer price index is
a. the GDP deflator includes income earned by American citizens working in foreign countries and the consumer price index is based solely on purchases made in the U.S. b. the consumer price index basket of goods is updated constantly by the Bureau of Labor Statistics whereas the GDP deflator is updated only occasionally. c. the consumer price index includes items not included in the GDP deflator such as airplanes purchased by the Air Force. d. the GDP deflator reflects prices for all goods and services produced domestically and the consumer price index reflects prices for some goods and services bought by consumers.