Persuasive advertising is mostly used for
A. a persuasive good.
B. an inferior good.
C. an experience good.
D. a search good.
Answer: C
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We often observe "pseudo-intra-industry trade" between the United States and Mexico. Actually, such trade is consistent with
A) comparative advantage associated with Heckscher-Ohlin model. B) oligopolistic markets. C) optimal tariff issues. D) the Ricardian model of trade. E) the specific factors model of trade.
The case where people purposely act in a careless way, for example, driving recklessly because they are insured, is called
A) asymmetric information. B) risk aversion. C) moral hazard. D) bounded rationality. E) thrill-seeking.
An increase in first-period income results in
A) an increase in first-period consumption, an increase in second-period consumption, and an increase in saving. B) an increase in first-period consumption, a decrease in second-period consumption, and an increase in saving. C) a decrease in first-period consumption, an increase in second-period consumption, and an increase in saving. D) an increase in first-period consumption, an increase in second-period consumption, and a decrease in saving.
An upward-sloping supply curve of Korean won in terms of Canadian dollars indicates that:
a. the higher the dollar price of Korean won, the more won will be demanded. b. the higher the dollar price of Korean won, the fewer won will be supplied. c. the lower the dollar price of Korean won, the more won will be demanded. d. the lower the dollar price of Korean won, the fewer won will be supplied. e. the Korean economy is stronger than the Canadian economy.