An example of a public good is a flood control project that protects all the homes and properties near a river
a. True
b. False
Indicate whether the statement is true or false
True
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Gross Domestic Product (GDP) is the total market value of all
A) final goods and services produced annually within a country's borders. B) final and intermediate goods and services produced annually within a country's borders. C) intermediate goods and services produced annually within a country's borders. D) final goods produced every month within a country's borders.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4Refer to Figure 2.4. The economy moves from Point A to Point D. This could be explained by
A. an increase in economic growth. B. a change in society's preferences for motorcycles versus hybrid cars. C. a reduction in unemployment. D. an improvement in technology.
If there are few close substitutes for a good, demand tends to be relatively:
A. unitary elastic. B. elastic. C. inelastic. D. neither elastic, inelastic, nor unitary elastic.
The surplus created by a price floor will likely be
A) smaller if the good is a necessity. B) larger if the good is addictive. C) smaller if the good is a luxury. D) unaffected by the time that has elapsed since the price ceiling is implemented. E) None of the above answers is correct.