Points below the production possibilities frontier are inefficient because it is possible to make someone better off without making anyone else worse off.
Answer the following statement true (T) or false (F)
True
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Purchasing power parity:
A. is the theory that purchasing power in different countries should be the same when stated in localcurrencies. B. allows us to compare the cost of living across different locations. C. almost always holds in reality. D. All of these statements are true.
Externalities are social costs that affect parties external to a particular economic transaction
a. True b. False Indicate whether the statement is true or false
What is the law of comparative advantage, and why is it important in international trade?
Private schools are able to exclude students from attending classes they offer unless students have been accepted and paid tuition and fees. This suggests that education is
A) subject to the principle of rival consumption. B) subject to the free-rider problem. C) not subject to the exclusion principle. D) a public good.