Which of the following statements is FALSE?
A) Economic goods are available in desired quantities at a zero price.
B) A good is anything that gives satisfaction or happiness to individuals.
C) Services are intangible goods such as dry cleaning, hospital care, and restaurant meal preparation.
D) Wants are unlimited and include all material and nonmaterial desires.
Answer: A
You might also like to view...
A firm in a competitive market can change the market price by changing its own production level
a. true b. false
The best measure of an economy's standard of living is output per capita
Indicate whether the statement is true or false
According to the Taylor Rule
What will be an ideal response?
The real business cycle model focuses on how
A) wage and price stickiness explains fluctuations in real GDP. B) the labor theory of value is the best measure of value of a good or service. C) the Federal Reserve should adopt a monetary growth rule. D) productivity shocks explain fluctuations in real GDP.