Talking loudly in a library creates
a. a market for noise
b. a positive externality
c. a side payment
d. a public good
e. a negative externality
E
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What is the difference between product markets and factor markets?
What will be an ideal response?
An important determinant of the amount of grains harvested next year by Ethiopian farmers is the amount of seeds planted this year
Given that Western nations have guaranteed to donate five hundred tons of grain next year, this year the Ethiopian farmers will: A) plant more seeds as the food aid establishes a minimum price for grain. B) plant more seeds as the farmers' confidence is restored. C) plant the same amount of seeds as they would have without the food aid. D) plant fewer seeds as consumers demand for grain is completely price elastic. E) plant fewer seeds as the price of grain will be lower with the food aid.
Patent laws establish property rights for new goods
a. for 10 years b. for 20 years c. for 5 years d. until a better product comes along e. until the firm goes out of business
International trade that is not encumbered by government restrictions is called
a. free trade b. protectionist c. terms of trade d. comparative advantage trade e. absolute advantage trade