The federal budget is prepared and passed by
A. the president.
B. Congress.
C. the president and Congress.
D. neither the president nor Congress.
C. the president and Congress.
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Which of the following is true? In the above figure, if the market is
A) a monopoly, output will be Q1 and price will be P3. B) a monopoly, output will be Q3 and price will be P3. C) perfect competition, output will be Q2 and price will be P2. D) perfect competition, output will be Q1 and price will be P1. E) perfect competition, output will be Q3 and price will be P3.
What occurs in the second stage of economic development?
A) Most of the labor force works in agriculture. B) The service sector comes to the forefront. C) The manufacturing sector declines in importance. D) Manufacturing gains in importance and employs a large portion of the labor force.
According to the figure shown, Adidas:
A. should charge a low price, regardless of what Nike chooses to do.
B. should charge a high price, regardless of what Nike chooses to do.
C. does not have a dominant strategy.
D. should take the first-mover advantage and charge a low price.
A country like the U.S., which is operating at the technological frontier, can improve its technology only by:
a. repurposing b. redeveloping c. innovating d. purchasing