Flu vaccinations of school children have the unintended effect of protecting the vulnerable elderly from contracting the virus. This is an example of a:
A. goods distribution.
B. social force.
C. free rider problem.
D. positive externality.
Answer: D
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Which of the following are considered factors of production used to produce goods and services?
I. Land II. Labor III. Capital IV. Entrepreneurship A) I and II only B) I and III only C) I, II and III only D) I, II, III and IV
Which of the following is false?
a. Products with more close substitutes have more elastic demand b. The demand for any individual brand is less elastic than industry aggregate demand c. Products with many complements have less elastic demand d. In the long run, demand curves become more elastic
In the national income accounting system, saving refers to the accumulation of newly produced physical entities, such as factories, machinery, houses, and goods inventories
a. True b. False Indicate whether the statement is true or false
Which is a reason why there is no advertising by individual firms under pure competition?
A. Firms produce a homogeneous product. B. Firms do not make long-run profits. C. The quantity of the product demanded is very large. D. The market demand curve cannot be increased.