Are all goods economic goods? Are all economic goods also goods? Explain
What will be an ideal response?
Not all goods are economic goods. Economic goods are a subset of all goods, and are produced from scarce resources. Sunlight is an example of a good that is not an economic good. Hence, the answer to the second question is "yes."
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If business cycles are caused by changes in aggregate demand, you would expect to see
a. prices and unemployment moving in the same direction. b. price and unemployment moving in opposite directions. c. prices not moving with unemployment. d. unemployment is not included in the Keynesian model.
Which of the following industries is most likely to represent the monopolistic competition market structure?
A) automobiles B) tobacco products C) restaurants D) farm equipment
Refer to the table below. The expected value of the price of the input in Country A is ________ the expected value of the input in Country B.
The above table provides the probability distribution of price of an input next year in Country A and Country B.
A) greater than
B) twice
C) the same as
D) less than
If the incomes of New Englanders increased and they demanded more tobacco, then tobacco would be:
a. a normal good. b. an inferior good. c. a substitute good. d. a complementary good.