The market for renewable resources often fail to allocate the resources to their highest-valued uses
a. True
b. False
Indicate whether the statement is true or false
False
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Which supports the economist's claim that buyers don't compete against sellers?
A) Diners would rather have more restaurants to choose among. B) Music buyers prefer having access to internet music stores compared to only the local music shop in town. C) Car buyers prefer several dealerships in the region compared to only one. D) Homebuyers prefer a larger selection of homes to a smaller one. E) All of the above.
The government could offer a subsidy to offset a:
A. negative externality. B. positive externality. C. network externality. D. A subsidy could offset any of these.
If a perfectly competitive industry were taken over by a monopoly, the monopoly would usually produce more output and charge a higher price
a. True b. False
What is the difference between Nominal GDP and Real GDP?
a. Real GDP is a figure adjusted for exchange rate differences among countries. b. Real GDP is a figure adjusted for inflation. c. There is no difference at all. Real GDP is a synonym for Nominal GDP. d. Real GDP measures goods and services produced within a nation's borders, and nominal GDP measures goods and services produced by domestic resources anywhere in the world e. Nominal GDP is a better measure of a nation's economic health (i.e., standard of living) than Real GDP.