Increasing the quantity of a pure public good can be done at zero cost.
A. True
B. False
C. Uncertain
B. False
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Use production functions from the economic growth model to explain why the United States grew at a much faster rate than the Soviet Union in the latter half of the 20th century
What will be an ideal response?
For firms that sell one product in a perfectly competitive market, the market price:
A. can be influenced by one firm's output decision. B. is equal to the average total cost of a firm. C. is taken as a constant by individual firms. D. is higher than the marginal revenue of a firm
An economic theory about international trade that is based on the assumption that there are only two countries trading two goods
a. is useless, since the real world has many countries trading many goods. b. can be useful only in situations involving two countries and two goods. c. can be useful in the classroom, but is useless in the real world. d. can be useful in helping economists understand the complex world of international trade involving many countries and many goods.
Which of the following examples of product differentiation uses service?
a. A sporting goods store offers the “official” hats of major league baseball teams. b. A import store opens a branch in the suburbs. c. A website sells “heavenly chocolates.” d. A website selling T-shirts offers easy and quick exchanges.