The basic principle that a country should treat imports from all other countries the same way is
a. quantitative restriction
b. export orientation
c. most favored nation
d. free-trade area
e. none of the above
C
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Suppose that last year the unemployment rate was 5 percent and the inflation rate was 2.5 percent. If the natural rate of unemployment is 5 percent, how do you expect inflation to change?
What will be an ideal response?
Suppose that on a Saturday night at 10 pm, a large hotel has 300 vacant rooms, with little expectation of renting them at such a late hour on a weekend. A traveler comes in the door, looking a bit down on his luck, and asks how much a room will cost. Since he can’t afford the normal rate of $150, the night manager decides to let him stay in the room for only $40. Is it likely that this decision reduced, or increased, the hotel’s profits? Explain your answer.
What will be an ideal response?
Vertical integration may be motivated by all of the following except:
a. Upstream market power b. Economies of ever wider spans of managerial control c. Technological interdependencies d. Reduced search and bargaining cost e. The hold-up problem.
Service to consumers of deregulated products has generally not diminished.
Answer the following statement true (T) or false (F)