ECN 441 Test Bundle

3 assumption of the backyard production model - 1. constant returns to scale in exchange 2. no comparative advantage 3. constant returns to scale in production no cities, not better of clustering 3 assumptions of trading city - 1. increasing returns to scale in exchange 2. comparati...

market - is a group of buyers and sellers of a particular good o r service competitive market - is a market in which there are many sellers andbuyers so that each has a negligible impact on the market price: sellersand buyers are price takers. Monopoly - is a market in which there is ...

In 2011 the US had approximately _____% of the world's population and made approximately ______% of the world's Gross National Product: a) 5 and 10 b) 1 and 50 c) 20 and 40 d) 5 and 28 e) 20 and 20 - d Gross National Product (GNP) per capita is defined as the country's GNP divided by i...

The nominal interest rate is: - not adjusted by inflation. There can be an efficient amount of a public good provided in the private market if producers can - Overcome the non-excludability of the good Public goods are goods that are: - Non-rival in consumption, and non-excludable ...