Poverty is usually defined by economists in relative terms
a. True
b. False
Indicate whether the statement is true or false
False
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When a citizens' group opposes expansion of the prison located in town, the basis of the opposition is that the larger prison will produce
a. a negative externality for the community b. a positive externality for the community c. more jobs in the community d. tax revenue for the community e. improved criminal justice options
Why does the government work to eliminate artificial barriers to entry?
What will be an ideal response?
If the price of the capital intensive product rises more than does the price of the land intensive product, then
A) the relative price of the capital intensive product will fall to some point between the pretrade relative prices. B) demand will shift away from the capital-intensive product, and its production will decrease. C) demand will shift away from the capital-intensive product, and its production will decrease relative to that of the land intensive product. D) the production of the capital-intensive product will decrease, but by less than production of the land-intensive product. E) the country that exports the capital-intensive good will lose its comparative advantage.
Using the DD-AA framework, show the phenomenon of overshooting. Use a figure to explain when it is taking place
What will be an ideal response?