Refer to the scenario above. Identify the correct statement
A) Mike should work in the restaurant as well as in the bar.
B) John should work in the restaurant as well as in the bar.
C) John should specialize in waiting on the customers in the restaurant.
D) Mike should specialize in waiting on the customers in the restaurant.
D
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Which of the following markets is likely to be a monopoly?
A) The market for patented nuclear medicines B) The market for wheat C) The market for smart phones D) The market for shower gel
A nation with an official settlements balance of -$100 billion is likely to experience a:
A) balance of payments surplus and accumulate $100 billion in international reserves B) balance of payments deficit and accumulate $100 billion in international reserves C) balance of payments surplus and a decline of $100 billion in international reserves D) balance of payments deficit and a decline of $100 billion in international reserves
The reason that the local telephone company is able to engage in price discrimination between business and residential customers in providing local phone service is that:
A. it is the only provider of local (landline) telephone service. B. it must be extremely difficult, if not impossible, for one consumer to resell phone service to another. C. business and residential customers differ in their willingness to pay for phone service. D. All of these are correct.
Refer to the diagram for a private closed economy. The $400 level of GDP is:
A. that output at which saving is zero.
B. too high because consumption exceeds investment.
C. unstable because aggregate expenditures exceed GDP.
D. unstable because aggregate expenditures are less than GDP.