Is national defense excludable? Is it rival in consumption? How do we classify national defense in terms of the four types of goods?
National defense is neither excludable nor rival in consumption, so it is a public good.
Economics
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Which of the following statements is true?
a. Exports tend to decrease economic efficiency. b. A nation should specialize in producing a good in which it has an absolute advantage. c. A nation should specialize in producing a good only when it has both an absolute and a comparative advantage. d. A nation should specialize in producing a good in which it has a comparative advantage. e. International trade does not reflect the benefits of specialization.
Economics
A rise in net exports shifts the aggregate
A. demand curve inward. B. demand curve outward. C. supply curve outward. D. supply curve inward.
Economics