Which of the following about trade is true?
a. Trade does not produce anything new; therefore, it cannot create value.
b. The value of a good is determined by the cost of the material resources required for its production.
c. The value of a good generally depends on who uses it and circumstances such as when and where it is used.
d. All of the above are true.
C
Economics
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Free riding is primarily a characteristic of which type of good?
A) a pure private good B) a pure public good C) a club good D) a common pool resource
Economics
If Real GDP is $6 billion and the population is 300,000, per-capita Real GDP is
A) $30,000. B) $20,000. C) $33,333. D) $39,434.
Economics