Merit is judged by one's ability to produce
A) what is considered useful by society.
B) what is considered valuable by society.
C) what is considered beneficial to society.
D) all of the above.
D
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A major reason that firms form a cartel is to
A. enlarge the market share for each producer. B. maximize joint profits. C. reduce the elasticity of demand for the product. D. minimize the costs of production.
When firms in a monopolistically competitive market engage in price-related advertising, defenders of advertising argue that
a. the quality of products sold in the market always increases. b. customers are less likely to be informed about other characteristics of the product. c. new firms are discouraged from entering the market. d. each firm has less market power.
GDP does not directly include:
a. the value of final goods and services produced, but not sold, during a period.
b. the value of services rendered during a period
c. the value of intermediate goods sold during a period.
d. any of the above.
Suppose that the total expenditures for a typical household in 2010 equaled $2,500 per month, while the cost of purchasing exactly the same items in 2015 was $3,000. If 2010 is the base year, the CPI for 2010 equals:
A. 1.00 B. 1.20 C. 1.25 D. 0.83