In economics, another term for satisfaction is
A. need.
B. scarcity.
C. utility.
D. return.
Answer: C
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The public goods problem refers to the tendency for private individuals to provide pure public goods in less-than-socially-ideal amounts because of free riding
Indicate whether the statement is true or false
Actions taken by investors who sell a country's currency in anticipation of buying it back later at a lower price is known as
A) purchasing power parity. B) destabilizing speculation. C) currency arbitrage. D) exchange rate manipulation.
Which of the following is an example of a nonexcludable product?
A) Internet service for your home computer B) public transportation C) college education D) a public library
An automobile company has two factories, one in Vietnam and one in Australia each with the same number of workers. The Vietnamese factory can produce either 150 engines or 100 transmissions per day
The Australian factory can produce either 100 engines or 75 transmission per day. A) The Vietnamese factory has an absolute advantage producing both engines and transmissions. B) The Australian factory has an absolute advantage in the production of transmissions. C) The Vietnamese factory has a comparative advantage in the production of transmissions. D) Which factory has an advantage is irrelevant since the theory of comparative advantage only applies to countries, not companies.