The ______________ Resource Model illustrated in the book shows the interdependence of resources, how they exchange
a. Foa & Foa
b. Elbing
c. Hertford & Myers
d. Eccles & Ward
A
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In the Wealth of Nations, Adam Smith wrote about how countries could increase their consumption of goods and services through specialization and trade with other countries
a. True b. False Indicate whether the statement is true or false
The Ogallala aquifer is a large underground pool of fresh water under several western states in the United States. Any farmer with land above the aquifer can at present pump water out of it. Which of the following statements about the aquifer is correct?
a. The aquifer is a public good which must be publicly owned to be used efficiently. b. The aquifer is a private good which must be privately owned to be used efficiently. c. The aquifer is a common resource which will be overused if no one owns it. d. The aquifer is a club good which should be left as it is.
Predatory pricing involves a firm
a. colluding with another firm to restrict output and raise prices. b. selling two individual products together for a single price rather than selling each product individually at separate prices. c. temporarily cutting the price of its product to drive a competitor out of the market. d. requiring that the firm reselling its product do so at a specified price.
Exhibit 5-5 Demand curve for computers
?
In Exhibit 5-5, the total revenue at point B on the demand curve equals:
A. OA. B. CB. C. AB. D. OABC.