An example of a nontradable good is:
A. a dish of handmade pasta in Lucca, Italy.
B. a stack of firewood from Montreal, Canada.
C. a lead-painted toy from China.
D. All of these would be considered a nontradable good.
Answer: A
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European households wishing to purchase shares of stock in an American company are ________ the foreign exchange market.
A. demanders of Euros in B. demanders of U.S. dollars in C. suppliers of U.S. dollars in D. supplied dollars by the European Central Bank for use in
The Acme Stereo Company had a capital stock of $24 million at the beginning of the year. At the end of the year, the firm had a capital stock of $20 million. Thus its
A) net investment was some amount but we need more information to determine the amount. B) net investment was $4 million for the year. C) gross investment was zero. D) net investment was -$4 million for the year.
In comparing the Cournot equilibrium with the competitive equilibrium,
A) both profit and output level are higher in Cournot. B) both profit and output level are higher in the competitive equilibrium. C) profit is higher, and output level is lower in the competitive equilibrium. D) profit is higher, and output level is lower in Cournot.
Returns to monopsony power occur because the wage rate < MRP for the last worker hired
Indicate whether the statement is true or false