Standardized goods are:
A. goods which are regulated by government quality standards.
B. goods which are easily substitutable and not distinguishable.
C. the most common type of good produced.
D. those sold in markets with regulated price systems.
B. goods which are easily substitutable and not distinguishable.
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The marginal propensity to import is larger in Mexico than in the United States. As a result,
A) there is less autonomous investment in Mexico. B) the expenditure multiplier is larger in Mexico. C) the expenditure multiplier is larger in the United States. D) induced expenditure is larger in Mexico. E) there is more autonomous expenditure in Mexico.
A patent is a government-imposed entry barrier because
A) it is a key input owned by the firm that is granted the patent. B) it allows a firm to achieve economies of scale. C) it gives a firm the exclusive right to a new product for a period of 20 years from the date the product is invented. D) it limits the quantity of a good that can be imported into a country.
How did the advent of the modern corporation reduce the likelihood that a firm's goal is to maximize profit? What has replaced this goal?
If, for a product, the quantity supplied exceeds the quantity demanded, the market price will fall until
A) the quantity demanded exceeds the quantity supplied. The market will then be in equilibrium. B) quantity demanded equals quantity supplied. The equilibrium price will then be lower than the market price. C) all consumers will be able to afford the product. D) quantity demanded equals quantity supplied. The market price will then equal the equilibrium price.