The United States is a country with a high saving rate
Indicate whether the statement is true or false
FALSE
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Which of the following is true of a successful cartel?
a. A successful cartel offers consumers the lowest possible price for a product. b. A successful cartel minimizes profits for its members. c. A successful cartel behaves as a monopolist in the market. d. A successful cartel produces a quantity greater than that produced in a competitive market. e. A successful cartel is always stable.
Which of the following is an example of price discrimination?
a. An online bookstore charges more for overnight shipping than standard shipping when customers buy books from it. b. Airline tickets are more expensive for first-class seats than for coach. c. Hotel rates for AAA members are lower than for nonmembers. d. All of the above are correct.
Can accounting profit be positive while economic profits are negative?
A. No. The two concepts are identical. B. No. Economic profits must always be larger than accounting profits. C. Yes, if total revenue covers opportunity costs but not explicit costs. D. Yes, if total revenue covers explicit costs but not opportunity costs.
Suppose Blu-Ray players cost consumers $300 and Blu-Ray disks cost consumers $30. What contribution does the production of 250 Blu-Ray players and 3,000 Blu-Ray disks make to the GDP?
A. $90,000. B. $75,000. C. $125,000. D. $165,000.