An artificially scarce good is:
A. rival in consumption and excludable.
B. not rival in consumption, but excludable.
C. rival in consumption, but not excludable.
D. not rival in consumption and not excludable.
B. not rival in consumption, but excludable.
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“Peak pricing” can only work effectively if prices remain relatively low for scarce resources.
Answer the following statement true (T) or false (F)
Advertising by the monopolist
A. is not done because the monopolist has the only supply of the product and doesn’t need to advertise. B. would have the effect of shifting its demand curve to the left. C. may lead to expanded production by the monopolist. D. makes no sense because there are no substitute commodities available to consumers.
How does the U.S. unemployment rate generally behave during expansionary periods?
a. It rises. b. It falls. c. It remains constant. d. It fluctuates rapidly.
Which of the following statements is true?
A. Free trade causes contraction of the export-oriented sector. B. Free trade causes contraction in the import-competing sector. C. All domestic producers benefit when a country engages in free trade. D. Free trade restricts consumption choices of domestic consumers.