A good is nonexcludable in consumption if it is not practical to exclude people who don't pay for it from enjoying its benefits.
Answer the following statement true (T) or false (F)
True
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The presence of navigable rivers and fertile soil is seen as a source of economic prosperity under the:
A) location hypothesis. B) geography hypothesis. C) culture hypothesis. D) institutions hypothesis.
According to this Application, workers in the EU were more productive than workers in Latvia in the 1990s, yet EU nations still purchased products from Latvia. This is because Latvia ________ in the production of the products it sold to EU nations
A) used fewer resources B) had a higher opportunity cost C) had an absolute advantage D) had a comparative advantage
Suppose that gasoline prices increase dramatically this month. Lola commutes 100 miles to work each weekday. Over the next few months, Lola drives less on the weekends to try to save money. Within the year, she sells her home and purchases one only 10 miles from her place of employment. These examples illustrate the importance of
a. the availability of substitutes in determining the price elasticity of demand. b. a necessity versus a luxury in determining the price elasticity of demand. c. the definition of a market in determining the price elasticity of demand. d. the time horizon in determining the price elasticity of demand.
The iso-revenue curve will shift to the right
A) If the production possibilities curve expands. B) If the level of income increases. C) If the price of the two commodities increases. D) None of the above