121.Which of the following characteristic can exist both in perfect competition and in monopoly?
(A) ease of entry
(B) many sellers
(C) many buyers
(D) perfectly elastic supply curve

122. A businessman or a company should accept investments that offer rates of return _____ their opportunity costs of capital.
(A) equal to
(B) greater than
(C) less than
(D) related to

123. When price rises, the quantity demanded generally tends to fall because of:
I. income effect
II. substitution effect
(A) I only
(B) II only
(C) I or II
(D) I and II

124. If there are changes in factors other than a product’s own price that affect the quantity purchased, the phenomena is termed as

(A) Law of upward-sloping demand
(B) Law of downward-sloping demand
(C) shifts in demand
(D) In-equilibrium of supply and demand

125. An increase in supply generally _____ price and _____ quantity demanded.
(A) lowers, raises
(B) raises, lowers
(C) lowers, lowers
(D) raises, raises

126. Marginal revenue (MR) is _____ when demand is elastic, _____ when demand is unit-elastic, and _____ when demand is inelastic.
(A) zero, positive, negative
(B) zero, negative, positive
(C) positive, negative, zero
(D) positive, zero, negative

127. The global political structure may be considered on how many levels:
A. Two
B. Three
C. Four
D. Five

128. Recent research by Myers and Alexander (2007) has suggested that the emergence of a European retail structure is based around which EU markets?
A. France and Germany
B. France and Italy
C. Germany and Italy
D. The Netherlands and the UK

129. NAFTA stands for:
A. North American Free Trade Area
B. North American Free Tariff Area
C. North American Free Trade Association
D. New American Free Trade Area

130. On the basis of current population projections, if international retailers were to limit themselves to those markets that they primarily targeted in the fifty years 1950-2000, in the following fifty years 2000-50; would they be serving?
A. A moderately increasing proportion of the world population
B. Roughly the same proportion of the world population
C. A declining proportion of the world population
D. A rapidly expanding proportion of the world population


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