Clean air and clean water are considered normal goods by economists, so as countries get richer, they want to consume more of these goods.
Answer the following statement true (T) or false (F)
True
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Which movement between two points represents economic growth?
A. J to K
B. K to L
C. L to M
D. M to N
________ occurs when one agent in a transaction knows about a hidden characteristic of a good
A) The free-rider problem B) The tragedy of the commons C) Adverse selection D) Moral hazard
Based on the production data for Pat's Pizza Parlor in the above table, which of the following pair of workers have the same average product?
A) 1 and 2 B) 2 and 4 C) 1 and 5 D) 2 and 5
If the average price of a car suddenly changes from $15,000 to $25,000, larger, more remote stores with lower prices are ________ to have a(n) ________ in the number of customers.
A) not likely; change B) likely; decrease C) likely; increase D) not likely; decrease