A network externality refers to a situation in which the usefulness of a product decreases with the number of consumers who use it
Indicate whether the statement is true or false
FALSE
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If Country A can produce an extra plane by giving up two boats, and Country B can produce an extra plane by giving up three boats, then
A) Country A has an absolute advantage in producing planes and a comparative advantage in producing boats. B) The two countries have no incentive to trade with one another. C) Country A would like to trade with B, but B cannot gain by trading with A. D) Country B has a comparative advantage over Country A in the production of planes. E) Country A has a comparative advantage over Country B in the production of planes.
The marginal revenue that would be derived from producing a fourth unit of output is
A. $30.
B. $24.
C. $21.
D. $12.
Refer to the graph shown. From 1929 to 1933 the money supply fell in the United States by 40 percent. The effect of this on the AD curve is best shown by a movement from:
A. A to B. B. A to C. C. A to D. D. B to A.
The argument a tariff on imported goods produced by an unlimited industry could benefit the members of the domestic union is
A. the protect domestic jobs argument. B. the national defense argument. C. the dumping argument. D. the infant industry argument.