Infrastructure is best illustrated by:
A. farm equipment.
B. school buildings and highways.
C. machinery and equipment for the production of consumer goods.
D. government tax revenues.
B. school buildings and highways.
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Elizabeth Rodriguez is a veterinarian at the Cincinnati Zoo. She produces a(n)
a. nonexcludable good b. transfer c. public good d. merit good e. entitlement
If a nation has a comparative advantage in the production of good X, this means that the nation
A. cannot benefit by producing and trading this product. B. gives up less of alternative goods than other nations in producing a unit of X. C. has a production possibilities curve identical to those of other nations. D. is not subject to opportunity costs in producing good X.
Refer to the information provided in Figure 14.1 below to answer the question(s) that follow.
Figure 14.1Refer to Figure 14.1. Six firms that produce chewing gum form a cartel. The cartel faces the market demand curve given by D. To maximize profits, the cartel should produce ________ packs of chewing gum and the price should be ________.
A. 16,000; $.35 B. 12,000; $.25 C. 12,000; $.40 D. 14,000; $.30
What was the approximate value of the U.S. current account balance in 2011?
A) +$10 billion B) +$79 billion C) -$380 billion D) -$475 billion