Services can be thought of as
A) unvalued goods.
B) unwanted goods.
C) free goods.
D) intangible goods.
D) intangible goods.
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American households spend more of their incomes on goods than on services.
Answer the following statement true (T) or false (F)
The profit-maximizing rule for a perfectly competitive firm when choosing its level of output is to produce where price is equal to marginal cost
The profit-maximizing rule for a firm hiring labor in a perfectly competitive labor market is to hire workers up to the point where the marginal revenue product equal to the market wage. How are these two rules related to one another?
When the Fed uses money growth rates as an intermediate target, it implicitly assumes that the velocity of money is constant over time, at least in the short run
a. True b. False Indicate whether the statement is true or false
The main reason that President Clinton was forced to revise his campaign promise to cut taxes was that, in 1993, he faced a large
A. balance of payments surplus. B. balance of payments deficit. C. federal budget deficit. D. federal budget surplus.