If Best Dogs only sells their hot dogs in packages of eight, all of the following are true except which one?
A) Best Dogs is changing consumer surplus into profit.
B) Best Dogs is practicing commodity bundling.
C) Best Dogs is using an all-or-nothing pricing scheme.
D) Best Dogs has market power.
B) Best Dogs is practicing commodity bundling.
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A government-imposed price floor has what effect on efficiency?
A. Consumer surplus increases. B. There is little dead weight loss. C. Consumer and producer surplus increases. D. Producer surplus increases.
If a firm has implicit costs as well as explicit costs
A) accounting profit will be zero. B) net income will always be greater than accounting profit. C) net income will always be less than accounting profit. D) economic profit will be less than accounting profit.
The purchasing power parity theory of exchange rate determination holds that the exchange rate between any two national currencies is fixed to reflect differences in the price levels in the two countries
Indicate whether the statement is true or false.
Recall the Application about growth in China and India to answer the following question(s). From 1978 to 2004, China grew at a rate of 9.3 percent per year and India grew at a rate of 5.4 percent per year.According to this Application, China's GNP per capita and India's GDP per capita are ________ U.S. GNP per capita.
A. now greater than B. still significantly less than C. now equal to D. within 5 percentage points of