When there are too few or too many resources going to an economic activity
A) a public good exists.
B) a market failure exists.
C) consumer sovereignty exists.
D) a free-rider problem exists.
B
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The two main types of economies generating current account surpluses from 2000 to 2007 were Asian exporters and oil producers
Indicate whether the statement is true or false
Your income response for bicycle riding changes with the amount of income you earn. At low levels of income, you view bicycle riding as an inferior good and substitute other types of transportation (e.g., auto travel) as your income rises
However, you view bicycle riding as a normal good after your income rises above a particular level. What shape does your Engel curve for bicycle riding have? A) Vertical line B) Horizontal line C) C-shaped D) Upward sloping E) none of the above
Inputs in production processes are called resources
a. True b. False Indicate whether the statement is true or false
Tax loopholes reduce the excess tax burden on individuals.
Answer the following statement true (T) or false (F)