A public good is a good that is both rival and excludable
Indicate whether the statement is true or false
FALSE
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Define the following terms and explain their importance to the study of economics
a. principle of marginal productivity b. marginal physical product c. marginal revenue product d. derived demand e. economic rent
A shortage exists in a market if
a. there is an excess supply of the good. b. quantity supplied exceeds quantity demanded. c. the current price is below its equilibrium price. d. All of the above are correct.
"To be useful, a model must be completely realistic." Evaluate
What will be an ideal response?
Assume that the nominal exchange rate increases by 2%. If prices (both domestic and foreign do not change), we know that
A) domestic goods are now relatively cheaper. B) domestic goods are now relatively more expensive. C) foreign goods are now relatively cheaper. D) both B and C