If a general sales tax is enacted, we can predict with certainty that individuals will work less
a. True b. False
b
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Classifying a good as excludable means
A) that anyone who does not pay for the good cannot consume it. B) that consumption of the good generates no externalities. C) that a producer with patent or copyright protection can exclude any other producer from selling the product. D) that someone can be barred from consuming the good based on race, ethnicity, or some other irrelevant characteristic.
Using the economic way of thinking, which of the statements listed below best answers the following question: Why do professional athletes tend to make more money than professional poets?
A) Americans love sports and hate poetry. B) Poets are less greedy and materialistic than athletes. C) More people are willing to pay $50 per ticket to see an athletic competition than they are to listen to a poet. D) The supply of poets is too low.
Barter eliminates the double coincidence of wants
Indicate whether the statement is true or false
Explain why advertising is very important to a monopolistically competitive firm but not to a perfectly competitive firm or a monopolistic firm