Imagine that you could travel back in time to another era

Assignment Help Business Economics

Reference no: EM13801659

1. Imagine that you could travel back in time to another era, bringing with you all the knowledge you have from the modern age. Your wage in the older era might be higher because people with your knowledge were in short supply then. But why might your wage also be lower?

A) because in bygone eras the economy was less productive overall

B) no one would believe that you were from the future

C) because in bygone eras, economics had not been invented yet

D) because in bygone eras, people were more productive than they are today

2. Which of the following is NOT a possible way for a price-fixing scheme on potatoes to fall apart?

A) potato farmers get arrested for anticompetitive pricing.

B) some farmers sell more potatoes than agreed upon.

C) people stop buying potatoes and switch to other foods instead.

D) the cost of producing potatoes falls.

3. Which of the following determine an individual's wage?

I the individual's skills

II. the productivity of the firm the individual works in

III. the shape of the individual's labor supply curve

A) I and II

B) I and III

C) II and III only

D) I, II, and III

4. In 2011, Google introduced its social networking site, Google+. Even though Google+ is cleaner and more straightforward than its nearest competitor, Face book, it still has trouble competing with Face book because

A) most people don't know about it.

B) face book has a monopoly on social networking.

C) everyone's already on Face book.

D) the market is still contestable.

Reference no: EM13801659

Questions Cloud

Possible way for a price-fixing scheme : Which of the following is NOT a possible way for a price-fixing scheme on potatoes to fall apart?

Determine an individuals wage : Which of the following determine an individual's wage? If the price of output in an industry falls, firms in that industry will ______ labor.

Cartel members keep their agreement to cut back production : If most cartel members keep their agreement to cut back production. People sometimes point to similar gas prices at competing gas stations as evidence of collusion when they could just be selling at market price. If this is not good evidence of collu..

Preference-based discrimination by employers easier : Why is preference-based discrimination by employers easier to overcome than preference-based discrimination by employees? If arbitrage becomes extensive, a price-discriminating monopolist selling its patented drug in two markets will. Discrimination ..

Imagine that you could travel back in time to another era : Which of the following is NOT a possible way for a price-fixing scheme on potatoes to fall apart? Which of the following determine an individual's wage? In 2011, Google introduced its social networking site, Google+. Even though Google+ is cleaner an..

Best example of a network good : Which of the following is the best example of a network good? People sometimes point to similar gas prices at competing gas stations as evidence of collusion when they could just be selling at market price. If this is not good evidence of collusion, ..

Feature of markets for network goods : The optimal price for a monopolist facing different demand curves in two separate markets will be. Which of the following statements is TRUE regarding network goods? Which of the following is NOT a feature of markets for network goods?

Describe the economic reasons why businesses use off shoring : Explain four problems with the argument that trade protection is needed to protect American jobs. Describe the economic reasons why businesses use off shoring.

Identify the four major tools of monetary policy : Identify the four major tools of monetary policy. How can monetary policy address the problem of inflation?

User Account

All Pages