Neither public goods nor common resources are
a. excludable, but only public goods are not rival in consumption.
b. excludable, but only common resources are not rival in consumption.
c. rival in consumption, but only public goods are not excludable.
d. rival in consumption, but only common resources are not excludable.
a
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Refer to Figure 3-1. A decrease in the expected future price of the product would be represented by a movement from
A) A to B. B) B to A. C) D1 to D2. D) D2 to D1.
Nike has used Michael Jordan to create the impression that Air Jordan basketball shoes are superior to any other basketball shoes. Nike is attempting to
A) differentiate Air Jordan basketball shoes from other types of basketball shoes. B) convince consumers that Air Jordan basketball shoes are no different from other basketball shoes favored by celebrities. C) lower the marginal cost of producing Air Jordan basketball shoes. D) increase its profit by raising the price of Air Jordan basketball shoes.
Economic models are of limited use since they cannot be tested empirically with actual data
a. True b. False Indicate whether the statement is true or false
Predictions of severe shortages due to impending natural resource depletion
a. are widely accepted by resource economists even though such predictions are a relatively new occurrence. b. have been wrong in the past, but most resource economists believe that the threat of resource depletion is now far more severe than ever before. c. are typically made without adequate recognition and consideration of resource price elasticities. d. typically assume that price elasticities are greater than they really are.