It is necessary for government officials to analyze cost data to determine what their country should specialize in producing
Indicate whether the statement is true or false
False
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Consider two countries—A and B. Economy A is a command economy, while economy B is a market economy. Given this information, which of the following statements is likely to be true?
A) Both economies are likely to grow at the same rate. B) Both economies are likely to stagnate without any increase in GDP. C) Institutions in economy A are likely to be more inclusive than institutions in economy B. D) Institutions in economy B are likely to be more inclusive than institutions in economy A.
Consumer equilibrium requires that the marginal utility per dollar spent be unequal for all goods
a. True b. False Indicate whether the statement is true or false
Which of the following is a true statement?
a. GDP per capita does not account for the difference in the cost of living among nations. b. The LDC classification is of the questionable accuracy. c. All of the answers are correct. d. GDP per capita is affected by exchange rate changes. e. GDP per capita ignores the degree of income distribution.
Your state department of transportation is considering installing toll booths with gates on a quiet section of highway. If this is done, a good that is currently a:
A. nonexcludable good will become an excludable good. B. public good will become a private good. C. rival good will become an excludable good. D. nonrival good will become a rival good.