The difference between a good and a service is that
a. a good helps satisfy unlimited wants; a service does not
b. a service helps satisfy unlimited wants; a good does not
c. a services is available in unlimited quantities; a good is not
d. a good is available in unlimited quantities; a service is not
e. a good is tangible; a service is not
E
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Fiscal policy is most effective when
A) I is very sensitive to r. B) LP is not very sensitive to r. C) LP is very sensitive to r. D) I is not very sensitive to r.
Personal consumption expenditures include
a. all goods that business firms buy b. the purchase prices paid for stocks and bonds by individual households c. the construction of residential housing d. all goods and services bought by households e. the corrected value of housewives' services
If income decreases, then:
A. the horizontal intercept of the budget line shifts upward. B. the budget line remains the same. C. the slope of the budget line becomes steeper. D. the vertical intercept of the budget line shifts downward.
When it takes one firm in an industry to produce the quantity necessary to realize low unit costs, the industry
A) experiences economies of scale. B) has barriers to entry due to ownership of resources. C) has no barrier to entry. D) has a license granted by the government.