According to Robert Reich, secretary of Labor in the Clinton administration,
a. the identity of American companies is clear, and laws should be written accordingly.
b. foreign companies are clearly different from American companies.
c. multinational companies have clear bases of operations, which form their identity.
d. it is almost impossible to define the nationality of a multinational company.
e. identifying the country of origin of a product is almost impossible, but essential for proper regulation.
d
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A certain magazine offers its subscribers the opportunity to "Buy Now and Save." If at the time their subscription renewal is due they agree to pay for 2 years rather than 1, the renewal price will be $50 per year rather than the usual $60 per y
At what interest rate will the consumer, who is certain she will subscribe to the magazine for the next 2 years, decide to "Buy Now and Save"? A) any interest rate under 50 percent B) any interest rate over 1.5 percent C) any interest rate over 150 percent D) any interest rate under 5 percent E) She will always take this offer if she is absolutely certain to buy the magazine for another 2 years.
Other things being equal, the behavior of a monopolist differs from that of a competitive industry in that
A) the monopolist does not attempt to maximize economic profit. B) the monopolist hires more labor. C) the monopolist restricts output and hires less labor. D) the monopolist must consider fixed costs in deciding the optimal level of output to produce in the short run.
The market for chewing gum is competitive with a current price of 50 cents per pack and a quantity of 100,000 packs per day. Which of the following events would lead to a new equilibrium price of 75 cents and a new equilibrium quantity of 125,000?
a. an increase in the price of other kinds of candy b. an increase in the price of the ingredients used to make chewing gum c. an agreement by workers in the chewing gum industry to work for lower wages d. a decrease in the number of young people in the population e. a decrease in income
If the price of potatoes is reduced, consumers likely:
a. significantly more potatoes b. significantly fewer potatoes c. roughly the same quantity of potatoes d. an unknown quantity of potatoes; in this situation, consumers' actions cannot be predicted