Explain what developed countries can do to respond constructively to the environmental damage being done in developing countries
What will be an ideal response?
Discussed at the end of the chapter; this may also depend on lecture coverage.
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A supply curve shows the marginal
A) benefit consumers receive from consuming a good. B) profit businesses earn from selling a good. C) cost of producing the good. D) price paid for a good. E) benefit sellers receive from selling a good.
True or false? The Edgeworth box version of inter-personal trade requires the individuals to be in close proximity of one another
A) True, that way they can see each other's endowments and prices. B) False, begin in close proximity is not required for mutually beneficial trade to occur in the Edgeworth box. C) True, the Edgeworth box only works when there folks see "eye-to-eye." D) False, although prices are only valid if they are communicated in person.
A strategy game is
a. any pricing competition among firms b. a situation arising from independent decision making among economic participants c. interpendent choice behavior by individuals or groups who share a common goal d. none of the above
Which of the following could shift the demand for a good to the right?
a. a decrease in income, if the good is a normal good b. an increase in the price of a complementary good c. a decrease in the good's price, if the good is normal d. an increase in the good's price, if the good is inferior e. an expectation of a future price increase