A failure of the pricing system has led to pollution
a. True
b. False
Indicate whether the statement is true or false
True
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If income rises, most consumers will increase the quantity demanded of an inferior good.
Answer the following statement true (T) or false (F)
A firm's ability to successfully practice price discrimination is greater
a. the more difficult it is to identify a customer's willingness to pay b. the more standardized the product offered by the firm c. the more difficult it is to transfer its product from person to person d. the more active the resale market is for their product e. in goods-producing markets than in service-producing markets
Transfer payments are
a. included in GDP because they represent income to individuals. b. included in GDP because they eventually will be spent on consumption. c. not included in GDP because they are not payments for currently produced goods or services. d. not included in GDP because taxes will have to be raised to pay for them.
Consumption possibilities, during a given time period, refer to the
A. Maximum amount that a country can produce if it imports and does not export. B. Amount by which a country can expand its production possibilities by engaging in international trade. C. Maximum amount of imported goods and services that a country can consume. D. Alternative combinations of goods and services that a country could consume in a given period of time.