For many developing countries, natural resources or agricultural commodities make up ________ share of exports
A) close to no
B) an unimportant
C) an important
D) close a to 5 percent
E) close to a 10 percent
C
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In the case of public goods, the ability to free ride on the efforts of others is an example of
A) low transactions costs. B) insecure property rights. C) government subsidization. D) mutual assurance.
The city of Burgersville has 100 restaurants specializing in hamburgers. Each one tries to do its own special take on the hamburger, as well as having its own decorative and advertising styles. This ______________ creates monopolistic competition.
a. distinctiveness b. similarity c. imperfectly competitive market d. perfectly competitive market
Table 34-1 ? Alternate Outputs from One Day’s Labor Input ? Wheat ? Textiles United States ? ? ? (one person’s/day’s labor) 12 bushels or 3 yards ? ? ? ? Great Britain ? ? ? (one person’s/day’s labor) 3 bushels or 12 yards ? From Table 34-1, the opportunity cost of one bushel of wheat in Great Britain is
A. 1/4 yard of textiles. B. 3 yards of textiles. C. 12 yards of textiles. D. 4 yards of textiles.
If the price of apples goes down, then the demand for pears will
A) increase, assuming apples and pears are substitutes. B) decrease, assuming apples and pears are substitutes. C) decrease, assuming apples and pears are complements. D) remain constant, assuming apples and pears are related goods.