Excludability matters because it:
A. allows owners to set an enforceable price on a good.
B. allows consumers to control the price of a good.
C. creates a perceived scarcity that allows the seller to keep the price artificially high.
D. creates a perceived scarcity that causes buyers to have an inelastic demand for the good.
A. allows owners to set an enforceable price on a good.
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Which of the following is FALSE concerning the long run?
A) Economists believe that fiscal and monetary policies have no permanent effects on the economy. B) Economists more or less agree that the economy tends to fluctuate around the level that is consistent with full employment. C) In the long run, the unemployment rate returns to its normal level. D) The current account must tend toward balance in the long run. E) None of the above.
If two countries produce both wheat and sugar and one country has the comparative advantage in producing wheat than the other country must have the absolute advantage producing sugar
a. True b. False Indicate whether the statement is true or false