In September 1929, Roger Babson predicted the collapse of the stock market
Indicate whether the statement is true or false
True
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Which of the following displays these two characteristics: nonrivalry and nonexcludability?
A) a pure private good B) a pure public good C) a club good D) a common pool resource
The firm will shut down in the short run if
A) the price falls below its minimum AVC. B) the market price rises unexpectedly. C) P = MC. D) P = ATC at its minimum.
Suppose an American worker can make 20 pairs of shoes or grow 100 apples per day. On the other hand, a Canadian worker can produce 10 pairs of shoes or grow 20 apples per day. Which of the following statements is true?
A. The United States has the absolute advantage in the production of both shoes and apples. B. Canada has the absolute advantage in the production of both shoes and apples. C. The United States has the absolute advantage in the production of shoes and Canada has the absolute advantage in the production of apples. D. Canada has the absolute advantage in the production of shoes and the United States has the absolute advantage in the production of apples.
A drought destroys much of the grape crop. As a result, consumer surplus in the market for wine:
a. decreases. b. increases. c. remains unchanged. d. depends on the deadweight loss.