Economic models do not have to completely describe every aspect of the economy in order to be useful
a. True
b. False
A
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An uncrowded toll road is ________ because it is ________
A) a public good; both nonrival and nonexcludable B) not a public good; nonrival but excludable C) not a public good; nonexcludable but rival D) not a public good; both rival and excludable
Explain how each of the following events would affect the aggregate demand curve
a. Lower interest rates b. A decrease in net exports c. A decrease in the price level d. Slower income growth in other countries e. A decrease in imports
Which of the following industries has the highest concentration ratio?
a. jeans b. fruit c. household laundry equipment d. restaurants
If the demand for olives falls when the price of cheese falls, then we know that cheese and olives are:
A. substitutes B. inferior goods C. complements D. normal goods