Economic goods are defined as
A. services only.
B. tangible items only.
C. anything from which an individual derives satisfaction.
D. any item which is available in sufficient quantity at zero price.
Answer: C
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A firm will always maximize profit at the level of output where average total costs are minimized
a. True b. False Indicate whether the statement is true or false
Which of the following could explain the changing gap in income between unskilled and skilled workers in the United States?
a. International trade has decreased the domestic demand for skilled labor and increased the domestic demand for unskilled labor. b. Certain technological changes such as the introduction of computers have increased the domestic demand for skilled labor and decreased the domestic demand for unskilled labor. c. Both a and b are correct. d. Neither a nor b is correct.
Answer the question on the basis of the following information. Suppose the members of population A, consisting of Al, Bob, Curt, Doris, and Ellie, receive annual incomes of $5,000, $2,500, $1,250, $750, and $500, respectively. Refer to the given
information and this information as well. The members of population B, consisting of Fred, George, Holly, Irma, and Joan, receive incomes of $4,000, $3,000, $1,250, $950, and $800, respectively. We: A. can say that the income of population B is less equally distributed than that of population A. B. can say that the income of population B is more equally distributed than that of population A. C. cannot make a meaningful comparison of the income distributions of populations A and B. D. can say that the poorest quintile of population B receives 12 percent of total income.
How has the pattern of fluctuations in overall U.S. business activity changed since World War II?
A. Expansions have been eliminated. B. Contractions have been eliminated. C. Recessions have been eliminated. D. It has become less volatile.