Related to the Economics in Practice on page 316: According to the Economics in Practice, which of the following statements is true?
A. Because tastes tend to be roughly the same across areas, we would expect to see a about the same variety of products available from an online retailer as from an individual brick-and-mortar retailer.
B. Because tastes tend to differ across areas, we would expect to see a wider variety of products available from an online retailer than from an individual brick-and-mortar retailer.
C. Because tastes tend to differ across areas, we would expect to see a smaller variety of products available from an online retailer than from an individual brick-and-mortar retailer.
D. Even though tastes tend to differ across areas, we tend to see a smaller variety of products available from an online retailer than from an individual brick-and-mortar retailer.
Answer: B
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The most likely complementary good for hot dogs would be:
A. ketchup. B. burgers. C. tacos. D. pizza.
Which of the following is the main weakness of the classical model?
a. It assumes that the labor supply curve is vertical. b. It assumes that the labor supply curve is horizontal. c. It assumes that the labor market clears. d. It assumes that the labor demand curve is horizontal. e. It assumes that the labor demand curve is vertical.
In the U.S. a digital camera costs $200 . The same camera in London sells for 90 pounds. If the exchange rate were .50 pounds per dollar, then which of the following would be correct?
a. The real exchange rate is greater than 1 . A person in London with $200 could exchange them for pounds and have more than enough to buy the camera there. b. The real exchange rate is greater than 1 . A person in London with $200 could exchange them for pounds but then wouldn't have enough to buy the camera there. c. The real exchange rate is less than 1 . A person in London with $200 could exchange them for pounds and have more than enough to buy the camera there. d. The real exchange rate is less than 1 . A person in London with $200 could exchange them for pounds but then wouldn't have enough to buy the camera.
For a firm selling its product in an imperfectly competitive market, the marginal revenue product of labor can be found by:
A. adding marginal product to total product as one more unit of labor is employed. B. adding marginal revenue to total product as one more unit of labor is employed. C. multiplying marginal product by product price. D. multiplying marginal product by marginal revenue.