External costs and external benefits are collectively referred to as:
A. social externalities.
B. network externalities.
C. externalities.
D. social welfare.
Answer: C
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Demand is said to be elastic when percentage changes in quantity demanded are
A. less than the percentage changes in price. B. higher than the percentage changes in price. C. equal to the percentage changes in price. D. zero when price changes.
In a simple circular-flow diagram, firms
a. purchase resources from households. b. purchase the output produced by households. c. receive income by selling resources to households. d. All of the above are correct.
Which of the following is true if a nation does not have an absolute advantage in producing any goods or service?
a) it cannot have a comparative advantage either b) it will have a comparative advantage in the production of the good or device in which it has a lower opportunity cost c) it will export raw materials and import finished products d) no country will want to trade with this nation because it is not cost effective to do so e) the international value of its currency will be fixed
Recall the Application about the wireless phone service provided by thousands of entrepreneurial women in Pakistan to answer the following question(s).Recall the Application. What makes the wireless telephone market in Pakistan perfectly competitive?
A. There are many buyers and many sellers B. Any entrepreneur who invests $310 can enter the market. C. Wireless phone calls are a standardized product. D. All of these are correct.