What is a public good?
What will be an ideal response?
A public good is a good that is non-rival in consumption and its benefits are non-excludable.
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In 2014, the price of peanuts was rising, which lead peanut butter sellers and peanut butter buyers to expect the price of peanut butter would rise in the future. In the current market for peanut butter, the price falls and the quantity decreases
This set of results means that A) supply decreased by more than demand increased. B) demand increased by more than supply decreased. C) demand increased by more than supply increased. D) supply decreased by more than demand decreased.
How did the Uruguay Round of GATT impact agriculture?
What will be an ideal response?
Suppose China can produce either 300 telephones or 200 DVD players, and Japan can produce either 200 telephones or 100 DVD players. Implicitly, Japan has
A. Both an absolute and a comparative advantage in telephones. B. Neither a comparative nor an absolute advantage in telephones. C. A comparative but not necessarily an absolute advantage in telephones. D. An absolute but not necessarily a comparative advantage in telephones.
Given the production possibility tables for First and Second Bakeries shown, we know that the opportunity cost of producing pies:First BakerySecond BakeryCookiesPiesCookiesPies018091012306206603300900
A. is higher at Second Bakery. B. is the same at both bakeries. C. is higher at First Bakery. D. cannot be computed without further information.