The market for hand tools (such as hammers and screwdrivers) is dominated by Draper Stanley, and Craftsman This market is best described as ?

Related Mcqs:

1. Adam smith’s invisible hand concept suggests that a competitive market outcome ?

   A. maximizes total surplus B. generates equality among the members of society C. minimizes total surplus D. both maximizes total surplus and generates equality among the members of society...

2. Deepak Lal argues that development economics is dominated by _______ approach that favors government intervention into LDC prices?

   A. dirigiste B. Keynesian C. Commanding heights D. soft budget...

3. There is a decentralized market where geographically dispersed dealers are linked by telephones and computer screens. The market is for securities not listed on a stock or bond exchange. Name the market ?

   A. Grey market B. Over-the counter (OTC) C. Open market D. Back market...

4. If a producer has market power (can influence the price of the product in the market) then free market solutions ?

   A. are equitable. B. are efficient C. maximize consumer surplus D. are inefficient...

5. If all firms in a market have identical cost structures and if inputs used in the production of the good in that market are readily available, then the long-run market supply curve for that good should be ?

   A. downward sloping B. perfectly inelastic C. upward sloping D. perfectly elastic...

6. A market can accurately be described as_________________?

   A. a place to buy things B. a place to sell things C. the process by which prices adjust to reconcile the allocation of resources D. a place where buyers and sellers meet...

7. When Coca-Cota and Nestle formed joint venture to market a ready to drink coffee and tea worldwide the type of marketing system that was formed would best be described as being a(n)?

   A. vertical marketing system B. parallel marketing system C. diversified marketing system D. horizontal marketing system...

8. Which scholar argues the following Plantations have no significant advantage over peasants [for] crops for which centralized processing and marketing are not necessary Cocoa and coconuts are typical examples of a lack of large scale economies Peasants can grow and process these crops in small lots with no large capital requirement beyond small indigenous tools and facilities ?

   A. Yujiro Hayami B. Raanan Weitz C. Hans Singer D. Tim Dyson...

9. The three main tools of monetary policy are ?

   A. fiat, commodity and deposit money B. Open-market operations reserve requirements and the refinancing rate C. The money supply, government purchases and taxation D. Government expenditures taxation and reserve requirements E. Coin, currency and demand deposits...

10. The Ultimate effect of the invisible hand of Adam Smith is that in a competitive economy everyone ?

    A. benefits if each acts in his/her own interest B. will increase their profits in a free market C. should act to maximize economic growth D. should act to promote the public interest...