Which of the following is least likely to be considered a firm in an imperfectly competitive industry?
A. the only locally owned and operated bank in Severn, MD
B. a Burger King in Pittsburgh, PA
C. a wheat farmer in Kansas
D. Ohio Bell Telephone Company
Answer: C
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The ability of factors to migrate abroad
A) reduces the severity of unemployment and the fall in the rate of return available to investors. B) increases the severity of unemployment and the fall in the rate of return available to investors. C) reduces the severity of unemployment but increases the fall in the rate of return available to investors. D) cannot change the severity of unemployment and the constant rate of return available to investors. E) reduces the migration of highly-skilled workers.
What role does a company like J.D. Power (which provides product satisfaction reviews) serve?
A) It provides a screening test. B) It provides a signal of quality. C) It reduces moral hazard. D) It reduces costs of giving surveys.
Using trade restrictions to protect special interests such as the U.S. auto industry
A) results in lower prices for U.S. auto consumers. B) raises the prices that U.S. consumers must pay for autos. C) is a very cost-efficient way of dealing with trade problems. D) is the best long-term solution for threatened U.S. jobs.
?Hair Pins /hourBandanas /hourNigel410Mia93
Consider two individuals, Nigel and Mia, who produce hair pins and bandanas. Nigel's and Mia's hourly productivity are shown in Table 18.3. Which of the following is TRUE?
A. Nigel has an absolute advantage in producing hair pins but not bandanas. B. Nigel has an absolute advantage in producing bandanas but not hair pins. C. Nigel has an absolute advantage in producing both goods. D. Nigel does not have an absolute advantage in producing either good.