Water is plentiful in most of the world, so its price and total utility are low
a. True
b. False
Indicate whether the statement is true or false
False
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Which of these contributes to the existence of monopoly power?
a. a continuously decreasing long-run average cost curve b. possession of a patent c. control over essential output d. All of the above are correct.
A complicating factor in international trade is that
a. barter is the basis for trade between countries; money is not used. b. gold is used for payments; there are no international payments without gold. c. many other countries prefer to use the U.S. dollar as currency, causing monetary shortage in the United States. d. trade between countries requires different currencies rather than one currency.
________ is the condition that exists when there is no way resources can be reallocated to increase the production of one good without decreasing the production of another
a. Economic growth b. Allocative inefficiency c. Inefficiency d. Efficiency
The difference between personal income and disposable personal income is that
A. personal income taxes are not included in disposable personal income. B. disposable personal income includes only the funds available to spend on non-necessities. C. personal income does not include transfer payments, such as Social Security payments or welfare payments and disposable personal income includes them. D. personal income includes personal income taxes and indirect business taxes, which are not included in disposable personal income.