Goods whose benefits to society are not diminished as more people consume them and whose benefits cannot be withheld from anyone are:
a. impossible since resources are limited.
b. examples of negative externalities.
c. public goods.
d. food and other necessities.
e. provided by free markets to free riders.
c
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Classify the following as positive economics statements or normative economics statements
a) An increase in an individual's income increases consumption, but by an amount less than the increase in income. b) The government should undertake the responsibility of providing healthcare to all its citizens. c) A trade deficit can be advantageous to an economy. d) An increase in net exports has a positive effect on a country's national income. e) The gross domestic product of India is increasing at 5% annually.
_________________—a term referring to the percentage change in the quantity of savings divided by the percentage change in interest rates.
a. Cross-price elasticity of demand b. Income elasticity of demand c. Elasticity of savings d. Wage elasticity of labor supply
The federal funds rate is the rate banks charge one another for overnight loans.
Answer the following statement true (T) or false (F)
Explain why a country's gains from trade may not accrue to nationals. Indicate the differential effects on GNP and GDP
What will be an ideal response?