The set of plans for differentiating a product and communicating the differences effectively to the marketplace is called:
a. brand strategy.
b. brand marketing.
c. branding.
d. brand equity.
Answer: a. brand strategy.
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Technological advancements cause structural unemployment. However, they help in:
a. lowering the rate of interest in the economy. b. increasing the price level in the economy and hence make business more profitable for the firms. c. improving living standards by giving consumers a greater variety of goods at lower costs. d. raising government's tax revenue. e. raising the aggregate income in the economy.
Why is the monopoly total welfare lower than the competitive total welfare?
What will be an ideal response?
The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
The effect of the invisible hand is likely to be the strongest under which market structure?
A) Oligopoly B) Monopoly C) Perfect competition D) Monopolistic competition