Studies show that smoking cigars is inversely related to income. Thus cigars are an inferior good
Indicate whether the statement is true or false
TRUE
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The addition of gasoline pumps at a grocery store is a good example of a network externality
Indicate whether the statement is true or false
When a nation reduces the barriers to international trade:
A. the total value of all goods and serviced produced by the nation rises. B. the total value of all goods and services produced by the nation falls. C. each individual citizen becomes better off. D. each individual citizen becomes worse off.
The worst post–World War II recession in the United States occurred in
A. 1964 B. 1973 C. 1981 D. 2007
At the equilibrium price:
A. quantity supplied may exceed quantity demanded or vice versa. B. there are no pressures on price to either rise or fall. C. there are forces that cause price to rise. D. there are forces that cause price to fall.