If net exports is negative, it must be the case that ________.
A. more goods are being exported than imported
B. the value of goods, services, and resources exported is less than the value imported
C. more goods are being imported than exported
D. the value of goods, services, and resources imported is less than the value exported
Answer: B
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The figure above shows the competitive market for slices of key lime pie. If the production is 40 slices per day, someone is willing to buy another slice of pie for
A) more than it costs to produce the slice. B) less than it costs to produce the slice. C) an amount equal to the cost of producing the slice. D) an amount equal to the cost of producing all 40 slices. E) an amount that is not comparable to the cost of producing the slice.
Refer to the scenario above. The housekeeper behaves in this particular way due to the ________
A) existence of asymmetric information B) presence of a positive externality C) presence of a free-rider problem D) existence of high incentive to work