The U.S. has an absolute advantage in the production of
A. beer.
B. pizza.
C. both beer and pizza.
D. neither beer nor pizza.
D. neither beer nor pizza.
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The decisions of firms and households are
A) coordinated by but not totally controlled by the government. B) made independently of one another. C) controlled by but not totally coordinated by the government. D) coordinated by markets. E) unexplainable by the circular flow model.
A positive externality results when
A) economists are sure that a good or service provides benefits to consumers. B) someone pays for a good or service even though she is not directly affected by the production or consumption of it. C) people who live in one country benefit from the production of a good or service that occurs in another country. D) people who are not directly involved in producing or paying for a good or service benefit from it.
If a 5 percent increase in the price results in a 9 percent increase in quantity supplied, the elasticity of supply is
A) 0.30. B) 0.55. C) 1.20. D) 1.80.
The three basic categories of resources are land, labor, and:
a. money. b. time. c. energy. d. capital.