Government purchases are included in national product
a. True
b. False
Indicate whether the statement is true or false
True
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The central question in economics is how to
A. make the best use of scarce resources. B. use government planning agencies. C. induce people to want less. D. increase human knowledge.
If the social cost of producing a good or service exceeds the private cost
A) the sum of consumer surplus and producer surplus is maximized. B) a positive externality exists. C) the market achieves economic efficiency. D) a negative externality exists.
Which of the following are theories meant to explain "Why Price Levels are Lower in Poorer Countries"?
A) only Bhagwati-Kravis-Lipsey B) only Balassa-Samuelson C) only Goldberg-Knetter D) Bhagwati-Kravis-Lipsey and Balassa-Samuelson E) Bhagwati-Kravis-Lipsey and Goldberg-Knetter
The market demand curve is simply the vertical sum of the individual demand curves for all consumers in the market
Indicate whether the statement is true or false