When domestic production causes pollution that imposes an external cost on the country, the country may export the wrong products because
A. the price of the product should be lower, which could lead to less production of the product.
B. the price of the product should be lower, which could lead to no exports of the product.
C. the price of the product should be higher, which could lead to no exports of the product.
D. the price of the product should be higher, which could lead to more exports of the product.
Answer: C
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Intermediate goods and services are:
A. used only as inputs to produce something else and are not counted as separate items in GDP. B. goods that consumers buy in parts-like a new tire for their car-and are included as separate items in GDP. C. used only as inputs to produce something else and are counted as separate itemsin GDP. D. goods that consumers buy in parts-like a new tire for their car-and are not included as separate items in GDP.
Even when two goods are perfect substitutes one can sell at a premium over the other depending on the tastes and preferences of the consumers
Indicate whether the statement is true or false
If the price elasticity of demand is 4 and the price of migraine medicine increases by 6%, what will be the percentage change in quantity demanded?
a. 6% b. 4% c. 24% d. 67%
Which of the following is most likely beyond the scope of economic analysis?
a. Family structure. b. Why some people contribute to charities. c. Why some people choose to vote. d. The actions of people who do what voices in their heads tell them to do.