Consumers can spend their entire personal income.
Answer the following statement true (T) or false (F)
False
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Explain how one person getting a pneumonia vaccination creates an externality
What will be an ideal response?
A monopoly creates a deadweight loss because the monopoly
A) sets a price that is too low. B) makes a normal profit. C) does not maximize profit. D) produces less than the efficient quantity. E) produces more than the efficient quantity.
Explain why it is the case that the value of intermediate goods produced and sold during the year is not included directly as part of GDP, but the value of intermediate goods produced and not sold is included directly as part of GDP
Suppose that with 1 unit of labor, Canada can produce 40 TVs or 20 computers. With 1 unit of labor, Taiwan can produce 30 TVs or 10 computers. Which of the following is correct?
A. Taiwan has a comparative advantage in the production of computers. B. Canada has an absolute advantage in the production of neither good. C. Canada has a comparative advantage in the production of computers. D. Taiwan has an absolute advantage in the production of computers. E. Taiwan has an absolute advantage in the production of TVs.