Which of the following is an example of product differentiation based on the physical aspects of a product?
a. A fashion designer advertising the new comfortable design of its apparels
b. A housing construction company offering low-interest bank loans for purchasing its apartments
c. A car mechanic opening his new workshop near a busy highway
d. An electronic company offering a warranty of 5 years for its air conditioners
b
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Money is still useful during times of inflation because
A) it still retains the characteristic of predictability of value. B) its opportunity cost falls as inflation rises. C) more money can be made so people can still purchase the goods and services they want. D) it is not a liquid asset.
Which of the following statements about scarcity is true?
A) Scarcity is not a problem for the wealthy. B) Scarcity is only a problem when a country has too large a population. C) Scarcity refers to the situation in which unlimited wants exceed limited resources. D) Scarcity only arises when there is a wide disparity in income distribution.
Beneficial externalities would be removed if the recipients of the benefit paid the producer of the externality
a. True b. False Indicate whether the statement is true or false
Suppose that you can hire a worker in one-hour increments. For hours of work up to 4, the total benefit of the worker (in dollars) is B(0) = 0, B(1) = 25, B(2) = 45, B(3) = 60, and B(4) = 70. What is the marginal benefit of the second hour of the worker's time?
A. $10 B. $20 C. $25 D. There is not enough information to answer the question.