An important characteristic of private goods is
A) the nonexclusion principle.
B) the principle of rival consumption.
C) the principle of joint consumption.
D) the principle of conspicuous consumption.
B
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At the current production point on a nation's production possibilities frontier, the marginal benefit of a slice of pizza is 500 tacos while the marginal cost of producing a slice of pizza is 750 tacos
For the nation to produce at the point of allocative efficiency, what should be done?
A typical corn farmer won't use cost-plus-markup pricing because
A) his costs are low enough. B) he isn't interested in maximizing net revenue. C) he strives for markdown pricing, not markup pricing. D) he has no control over the market price of corn.
The United States suffers more from strikes than Japan but fewer strikes than Canada
a. True b. False Indicate whether the statement is true or false
If the center nation operates under a cooperative peg agreement, how does the cooperation work?
A) The home nation will try to resist any changes coming from the center. B) The home nation will accept all changes coming from the center without discussion. C) The center nation will make policy concessions to other nations in its cooperative currency agreement. D) Cooperation usually does not work well.