Private goods are nonexclusive goods
Indicate whether the statement is true or false
F
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Which of the following does NOT explain why developing countries encouraged new manufacturing industries of their own in the mid 20th century?
A) They were cut off from traditional suppliers of manufactures during WWII. B) Former colonial areas had something to prove; they wanted to attain the same income levels as their former rulers. C) Leaders of these countries feared that their efforts to escape poverty would be doomed if they continues to specialize in primary commodity exports. D) There was political pressure to protect these industries. E) Developing countries ran out of the natural resources that traditionally made up the majority of their trade.
There has recently been an increase in the price of dairy products used in the production of ice cream. High temperatures have also induced people to consume more ice cream
In the market for ice cream, the effects these changes will have on equilibrium price and quantity are A) price will increase, and quantity will decrease. B) price will increase, and the effect on quantity is indeterminate. C) price will decrease, and quantity will increase. D) price will decrease, and the effect on quantity is indeterminate.
In 2009, the U.S. households had spent the majority of their personal income on:
a. nondurable goods. b. savings and investment. c. durable goods. d. services.
What serves as the supply curve for a perfectly competitive firm? Why is this supply curve upward-sloping, or why does it take a higher price to get a firm to produce and sell more output?
What will be an ideal response?