A burger bought by Joey from a restaurant is non-rival in consumption
a. True
b. False
Indicate whether the statement is true or false
False
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According to the classical economists, an economy producing $15 trillion in goods and services
A) may be producing too much since the needs of people may not be this great. B) could experience a permanent glut if no one has estimated the demand for goods and services in the economy. C) simultaneously generates the income necessary to purchase $15 trillion in goods and services. D) is supplying $15 trillion in goods and services, but could be demanding more or less than $15 trillion in goods and services for a very long period of time.
For country Gamma, the opportunity cost for producing 1 computer is 10 tons of steel. For country Beta, the opportunity cost for producing 1 computer is 6 tons of steel. Which country has the comparative advantage in the production of steel?
A) Gamma B) Beta C) Both have the comparative advantage in the production of steel. D) Neither country has the comparative advantage in the production of steel. E) More information is needed to determine which of the two nations has the comparative advantage.
What assumptions lead to the conclusion that final products are distributed efficiently among households?
What will be an ideal response?
As the price of good X increases, the budget line
a. makes a parallel shift outward. b. makes a parallel shift inward. c. pivots inward. d. pivots outward.