A public good is
A. always depletable and excludable.
B. always depletable and often excludable.
C. never depletable and always excludable.
D. never depletable and always nonexcludable.
Answer: D
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Write an essay on the gains from free international trade
What will be an ideal response?
U.S. firms can produce and sell electric fans for $25. The United States can also import electric fans from China at $40 each and from Canada at $45 each. Electric fans made in the United States, China, and Canada are identical. Currently, the United States imposes a 30% tariff on imported electric fans. Now suppose that the United States forms a free-trade area (NAFTA) with Canada and Mexico. From which country will the United States import fans?
a. China b. Canada c. It will import fans from neither China nor Canada. d. It will import fans from both China and Canada.
U.S. exports represent two flows:
A. An outflow of goods or services, and an outflow of payments B. An inflow of goods or services, and an outflow of payments C. An outflow of goods or services, and an inflow of payments D. An inflow of goods or services, and an inflow of payments
A decrease in the long-run average total cost as output increases is due to
A. a declining average fixed cost. B. externalities. C. the law of diminishing returns. D. economies of scale.