Which of the following is the best example of a "free" good?
A) HIV/AIDS cocktails freely distributed to people in developing countries
B) The air you are currently breathing
C) Public roads
D) Public schooling in states where education is subsidized
B
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Dumping refers to
A) exporting products that do not meet domestic safety standards. B) selling inferior products to unsuspecting consumers. C) illegally avoiding tariffs by selling products on the black market. D) selling a product for a price below its cost of production.
Which of the following examples would likely have the lowest elasticity of demand if the price of the product changed?
a. Ramon spends $5 of his weekly paycheck of $1,500 on yogurt. b. Cynthia spends $200 of her weekly paycheck of $1,000 on clothes. c. Karl spends $50 of his weekly paycheck of $1,200 on music streaming. d. Yuna spends $800 of her weekly paycheck of $2,000 on a HD television.