The Lojack is an example of a product that:
A. produces a positive externality.
B. contributes to illegal gambling on cards.
C. contributes to global warming.
D. produces a negative externality.
Answer: A
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New classical economists believe that wages are inflexible
a. True b. False Indicate whether the statement is true or false
The international trade effect explains that higher prices make domestic goods
a. more expensive, causing imports to rise and exports to fall b. more expensive, causing imports and exports to fall c. more expensive, causing imports to fall and exports to rise d. less expensive, causing imports and exports to fall e. less expensive, causing imports to fall and exports to rise
In scientific language, a theory is an untested assertion of alleged fact.
Answer the following statement true (T) or false (F)
Which of the following will not hold true for a competitive firm in long-run equilibrium?
A. P equals AFC. B. P equals minimum ATC. C. MC equals minimum ATC. D. P equals MC.