What is the term economists use to designate goods that are desirable but limited in supply?
a. economic goods
b. tangible goods
c. intangible goods
d. precious goods
a. economic goods
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A payroll tax is also known as a(n) ________ tax
A) excise tax B) corporate income tax C) personal income tax D) social insurance tax
In the prisoner's dilemma:
A. a cooperative win-win outcome can be predicted. B. a dominant strategy exists for only one player. C. a non-cooperative outcome is predicted. D. All of these statements are true.
When you have $1,000 in a savings account at a bank:
A. both you and the bank now have a financial asset of $1,000. B. the bank holds a financial asset of $1,000 and you hold a financial liability of $1,000. C. both you and the bank now have a financial liability of $1,000. D. the bank holds a financial liability of $1,000 and you hold a financial asset of $1,000.
Which of the following firms have no market power?
A. clothing companies B. fast food chains such as McDonald's C. theme parks D. gold panners during the gold rush