The convergence hypothesis explains
A. the shrinking gap between income levels of poor and rich countries.
B. the ability of firms to profit maximize and cost minimize.
C. the willingness of countries to reduce environmental damage after an income level has been attained.
D. the similarities between cultures.
Answer: A
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Restaurant provide discounts to seniors because
a. They have a less-price elastic demand b. They have a more-price elastic demand c. They are the main source of income d. None of the above
When economists say a market has "barriers to entry," they refer to:
A. monopolists being prohibited from selling their products to certain customers. B. a policy that some countries establish to reduce imports from other countries. C. factors that prevent other firms from challenging a firm with market power. D. economic profits that are positive, but too high to encourage entry.
Maximum Feasible Hourly Production Rates for EitherFood or Cloth Using All Available Resources
Using the data in the above table, and assuming constant opportunity costs, it is likely that
A. Mexico will import both cloth and food. B. Mexico will import cloth. C. the United States will export food. D. the United States will import both cloth and food.
The money market model is concerned with ________ and the loanable funds market model is concerned with ________
A) short-term real interest rates; long-term nominal interest rates B) short-term nominal interest rates; long-term nominal interest rates C) short-term real interest rates; long-term real interest rates D) short-term nominal interest rates; long-term real interest rates