A commodity or service whose consumption by one person does not preclude others from also consuming it is called a
A) private good.
B) public good.
C) Giffen Good.
D) Coase Good.
B
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If the marginal cost of an activity exceeds the marginal benefit, then
A) the activity will occur because the high marginal cost means it must be highly valued. B) the forgone alternatives' costs must be increased. C) an alternative action will be selected. D) the person must concentrate on the activity's total benefits.
The income elasticity of demand is ________ for a normal good and ________ for an inferior good
A) positive; positive B) positive; negative C) negative; positive D) negative; negative
If a country is characterized by low life expectancy, low adult literacy, and low per capita energy consumption, it is likely:
A. an IAC. B. an LDC. C. neither an IAC nor an LDC. D. either an IAC or an LDC.
A nation is considered to be a(n) ________ in the international market, if its current account is in deficit.
A. importer B. exporter C. lender D. borrower