Nontradables are goods or services that:
A. are cultural specific and not typically traded for that reason.
B. can't legally cross a country's borders.
C. can't be taken from place to place very easily or at all.
D. are not allowed to leave a country.
Answer: C
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What are the requirements for perfect competition?
What will be an ideal response?
Economic growth is shown by
A) a point near the top of the production possibilities curve. B) a point outside the production possibilities curve. C) an inward shift of the production possibilities curve. D) an outward shift of the production possibilities curve.
If the slope of the indifference curve for goods X and Y is -2, then the marginal rate of substitution is
A. 0. B. 1/2. C. 2. D. infinite.
If each firm depicted in Table 9.5 is currently generating 1,000 gallons of wastewater per day, Firm A would need to be paid at least ________ from Firm B to reduce wastewater production to 0 gallons per day.
A. $20 B. $15 C. $12 D. $3