Assume there is no way to prevent someone from using an interstate highway, regardless of whether or not he or she helps pay for it. This characteristic is called
What will be an ideal response?
nonexcludability.
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If a firm decreases the price of a good and total revenue decreases, then
A) the demand for this good is price elastic. B) the demand for this good is price inelastic. C) the cross elasticity is negative. D) the income elasticity is less than 1.
A weakness of the market system of resource allocation is that
a. such economies tend to be stagnant b. most participants in such an economy have low standards of living c. there are no limits on an individual's freedom of action d. it does not address the problem of initial inequities in endowments e. its participants are free to act according to their desires
At the equilibrium level of real gross domestic product (GDP), unplanned inventory adjustment equals
What will be an ideal response?
If England uses one week’s time to produce 10 yards of cloth or 2 barrels of wine and Portugal uses one week’s time to produce 12 yards of cloth or 6 barrels of wine, then England has a comparative advantage in the production of cloth.
Answer the following statement true (T) or false (F)