A positive effect of advertising for society is that it:
A. provides useful information to reduce search cost for consumers.
B. raises barriers to entry into the industry and protects existing firms.
C. creates price leadership and gives firms guidance in dealing with rivals.
D. increases market share for the dominant firm in the industry.
Answer: A
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In the long-run ISLM model and with everything else held constant, the long-run effect of a contractionary fiscal policy is to ________ real output and ________ the interest rate
A) not change; not change B) decrease; decrease C) decrease; not change D) not change; decrease
Fogel and Engerman (1974) find evidence to suggest that young slave children were often sold by profit-maximizing slave owners
Indicate whether the statement is true or false
Which of the following is not an example of a barrier to entry?
a. Mighty Mitch's Mining Company owns a unique plot of land in Tanzania, under which lies the only large deposit of Tanzanite in the world. b. A college student starts a part-time tutoring business. c. A novelist obtains a copyright for her new book. d. A taxi cab driver in New York City obtains a license to legally provide transportation in New York City.
The total labor force includes all persons in the noninstitutional population who are either working or seeking work.
Indicate whether the statement is true or false