Commodity products are
a. pasteurized
b. bland
c. perceived by consumers to be identical
d. made by one manufacturer
e. made by hand
C
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The U.S. Postal Service's monopoly on first-class mail service is the result of
A) a natural monopoly. B) a patent. C) a public franchise. D) a government license. E) an ownership barrier to entry.
Utopia would be a debtor nation
a. if consumers in other countries bought goods and services from Utopia b. only if it had a deficit in its current account c. only if it had a deficit in its balance of goods and services d. if it had a deficit in its balance of trade e. if it had a deficit after adding together the balances in both its current account and its capital account
A leading game-console manufacturer slashes the price of its flagship product by ten percent. Holding other things such as income and preferences constant, which of the following is the most likely group behavior prediction? a. Price reduction will have no impact on purchase patterns
b. Price reduction will be associated with a reduction in quality; thereby reducing sales. c. More game consoles will be sold at lower prices. d. Group behavior cannot be predicted.
If you have trouble finding a job because of a slowdown in the overall economy, we would say that you are
A) frictionally unemployed. B) structurally unemployed. C) cyclically unemployed. D) seasonally unemployed.