Which of the following is a way to deter entry?
A) increase costs through legislation that affects only new entrants
B) raise switching costs for customers that use your products
C) obtain a patent so that others must license your invention
D) All of the above.
D
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The fixed exchange rate system set up in the 1940s was the
A) purchasing power parity exchange system. B) gold standard. C) Bretton Woods system. D) European Union euro system.
Statistical discrimination refers to
a. the statistical measurement of the effects of prejudice on minorities excluded from employment b. the monetary impact of prejudice on minorities, in contrast to the nonmonetary impact c. government tracking of the economy-wide impact of discrimination against minorities d. using statistics to explain employer discrimination against minorities e. exclusion of individuals from an activity due to the probability of behavior in their group rather than personal characteristics
Minimum-wage laws and unions are similar to each other but different from efficiency wages in that minimum-wage law and unions
a. cause unemployment, but efficiency wages do not. b. cause the quantity of labor supplied to exceed the quantity of labor demanded, but efficiency wages do not. c. cause wages to be above the equilibrium level. d. prevent firms from lowering wages in the presence of a surplus of workers.
Suppose that consumption spending is $3,200 billion, spending on durable goods is $800 billion, and spending on services is $1,800 billion. What does spending on nondurable goods equal?
A. $5,800 billion B. $600 billion C. $2,400 billion D. $3,200 billion E. There is not enough information to answer this question.