Which of the following is a TRUE statement?

A) All goods are economic goods.
B) All economic goods are goods, but not all goods are economic goods.
C) Economic goods and goods mean the same thing.
D) Economic goods do not include services while goods do include services.


Answer: B

Economics

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Staggered, overlapping contracts mean

A) the contract between workers and firms can be opened for renegotiation if other key firms in the industry have signed a new contract within the last ninety days. B) each firm within an industry agrees to negotiate with the union according to a schedule. C) not all labor contracts within the economy expire at the same time. D) different contracts are reached for the different skill classifications of workers within a firm.

Economics

The ratio of money created by the lending activities of the banking system to the money created by the government's central bank is called the:

A. money multiplier. B. reserve ratio. C. federal funds. D. demand deposits.

Economics

According to institutionally-focused economists:

A. there is no relationship between PQ and MV because Q isn't constant. B. there is no relationship between PQ and MV because V is constant. C. the direction of causation goes from PQ to MV. D. the direction of causation goes from MV to PQ.

Economics

The IPCC is an acronym that stands for:

A. International Panel on Climate Change. B. International Plant Cultivation Committee. C. Intergenerational Pact on Carbon Conservation. D. International Proponents of Carbon Conservation.

Economics