A subsidy is sometimes used by the government to correct the problems associated with
A) negative externalities.
B) positive externalities.
C) public goods.
D) monopolies.
B
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In the final two decades of the twentieth century, average per capita global income
A) decreased by approximately 6 percent. B) increased by approximately 35 percent. C) increased by more than 75 percent. D) remained relatively unchanged.
If you know the cross elasticity between two goods is negative, then you know the goods are
A) substitutes. B) normal goods. C) complements. D) inferior goods. E) inelastic goods.
The earnings of which of the following resources comprises entirely of economic rent?
a. Unskilled labor b. Coal c. Timber d. Water e. Biomass
A voluntary export restraint occurs when one country prevents a specific product from being imported from another country.
Answer the following statement true (T) or false (F)