Producer?producer rivalry functions:
A. only when multiple sellers for a product compete in the market.
B. even when customers are not scarce.
C. only when single sellers for a product compete in the market.
D. regardless of the number of sellers.
Answer: A
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Suppose that in Brazil total annual output is worth $600 million and people work 30 million hours. In Peru total annual output is worth $800 million and people work 50 million hours. Productivity is higher
a. in Brazil. Most variation in the standard of living across countries is due to differences in productivity. b. in Brazil. Differences in productivity explain very little of the variation in the standard of living across countries. c. in Peru. Most variation in the standard of living across countries is due to differences in productivity. d. in Peru. Differences in productivity explain very little of the variation in the standard of living across countries.
A bank is legally required to hold a fraction of its ________ as ________
A) deposits; required reserves B) deposits; excess reserves C) loans; excess reserves D) loans; required reserves