Special districts are often set up among small governments to deal with _____
a. externalities internalized within a governments borders
b. externalities that spill across borders
c. free-riding problems concerning public goods
d. unhealthy competition among local governments
b
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The concept of absolute advantage relies on
A) the idea of comparative advantage. B) the ability to produce more units of an item with a given amount of resources. C) the idea of opportunity cost. D) the concept of economic efficiency as measured on the production possibility curve.
If the price of a good is below the equilibrium price,
a. suppliers will find inventories building; they will cut output and raise prices. b. suppliers will find inventories being depleted. They will increase production and raise prices. c. the demand curve will shift down until an equilibrium is established at the existing price. d. the supply curve will shift up until an equilibrium is established at the existing price.