An example of a nontradable good is:
A. a lead-painted toy from China.
B. a stack of firewood from Montreal, Canada.
C. a dish of handmade pasta in Lucca, Italy.
D. All of these would be considered a nontradable good.
C. a dish of handmade pasta in Lucca, Italy.
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Sports announcers often refer to a batter in a hitting slump as "being due." If they are correct, then it must be the case that
A) a batter's hits are randomly distributed. B) a batter's at-bats are related to each other. C) a batter's at-bats are independent of each other. D) baseball players are acting irrationally.
In an expanding economy,
a. prices rise faster than costs. b. costs rise faster than prices. c. profit margins decrease. d. interest rates fall.
Suppose the socially-optimal quantity of good x is 2,500 units and the market-equilibrium quantity of good x is 3,000 units. When 2,500 units of good x are produced, the
a. external cost of good x exceeds the private value of good x. b. external cost of good x equals the private value of good x. c. social cost of good x exceeds the private value of good x. d. social cost of good x equals the private value of good x.
Unemployment that occurs when there is deficient demand for the goods and services of an economy is called:
A. frictional unemployment. B. structural unemployment. C. cyclical unemployment. D. natural unemployment.