A good is ______, when a seller can prevent people who did not pay for a product from obtaining its benefits.
Fill in the blank(s) with correct word
Answer: excludable
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Tourists in foreign countries are often charged more for hand-made items at tourist shops compared to the local customers. Why?
A) The tourists are typically less informed than the local customers. B) The tourists typically have fewer available alternatives compared to the local customers. C) The shop owners can usually identify tourists. D) For all of the above reasons.
Deadweight loss measures the inefficiency as the loss of
A) consumer surplus only. B) consumer surplus minus producer surplus. C) consumer surplus plus producer surplus. D) producer surplus only.
Briefly explain the shape of the per-worker production curve in the Solow model. If investment per worker initially exceeds saving per worker, how is the steady-state capital—labor ratio achieved?
What will be an ideal response?
What are the three basic economic questions each society must answer?
A. What to produce: how to produce: for whom to produce B. How much to produce: what quality to produce: and what price to sell at C. What to produce; how to much to produce, how to consume D. How much goes to government: how much goes to consumers; how much is exported