Goods that are very useful and highly desired are likely to be relatively expensive, no matter how scarce or abundant they are
Indicate whether the statement is true or false
FALSE
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Which of the following would most likely be a public good?
A) Sirius Satellite Radio is accessed through a subscription. B) iTunes sells songs through their website. C) a Mariah Carey CD D) Michigan Radio is the state's most listened-to public radio service.
If the United States' production possibility frontier was flatter to the widget axis, whereas Germany's was flatter to the butter axis, we know that
A) the United States has no comparative advantage B) Germany has a comparative advantage in butter. C) the U.S. has a comparative advantage in butter. D) Germany has comparative advantages in both products. E) the U.S. has a comparative disadvantage in widgets.
A firm that has negative economic profits has accounting profits that are
A) zero. B) positive. C) negative. D) indeterminate without more information.
Which of the following events would cause both the equilibrium price and equilibrium quantity of number two grade potatoes to increase if number two grade potatoes are an inferior good?
a. an increase in consumer income b. a decrease in consumer income c. greater government restrictions on agricultural chemicals d. fewer government restrictions on agricultural chemicals