If, for a given disposable income level, the disposable income line lies above the consumption curve, saving:
A. equals consumption.
B. is greater than zero.
C. is less than zero.
D. is equal to zero.
Answer: B
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The Herfindahl-Hirschman Index is used to ________
A) measure the price elasticity of demand faced by a firm B) estimate the degree of competition in an industry C) measure the price elasticity of market supply in an industry D) estimate the profit earned by firms in an industry
Some policymakers have argued that products like cigarettes, alcohol, and sweetened soda generate negative externalities in consumption
All else equal, if the government decided to impose a tax on soda, the equilibrium quantity of soda would ________ and the equilibrium price of soda would ________. A) increase; increase B) increase; decrease C) decrease; decrease D) decrease; increase
Explain whether it is possible for a country to have an absolute advantage in the production of a product without having a comparative advantage in the production of that product
What will be an ideal response?
Opportunity cost can best be defined as the
a. money cost of a good or service. b. money cost plus interest on money borrowed to buy a good or service. c. cost of the resources used to produce a good or service. d. value of the best alternative forgone when the alternative at hand is chosen.