What do we mean when we say that a good is excludable?
A good is excludable if people can be prevented from using the good.
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Which of the following nations can be called a mixed economy?
A. The United States. B. Italy. C. Sweden. D. France. E. All of these nations are mixed economies.
Answer the next question using data in the following tables showing production possibilities for units of food and clothing for two regions, East and West, of a hypothetical world.East Production PossibilitiesWest Production Possibilities ABCD ABCDFood241680Food4530150Clothing04812Clothing051015The mutually beneficial terms of trade will be
A. between 2 and 3 units of food for 1 unit of clothing. B. less than 2 units of food for 1 unit of clothing. C. greater than 4 units of food for 1 unit of clothing. D. between 4 and 5 units of food for 1 unit of clothing.
If two consumption points are not on the same indifference curve, then one point is ________
A) a substitute for the other point B) unaffordable and the other is affordable C) preferred to the other D) more expensive than the other
Tris is shopping for pants and belts. He has a budget of $100. The price of a pair of pants is $20 and the price of a belt is $5. His marginal utility schedules are above. What combination of pants and belts does Tris buy? Explain your answer
What will be an ideal response?