A good that people must actually consume before they can determine qualities is called
A. a search good.
B. a credence good.
C. a persuasive good.
D. an experience good.
Answer: D
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Consider two perfectly competitive labor markets for jobs that require different skills but are otherwise equivalent. One job currently pays a higher wage than the other job. This wage differential
a. cannot persist in the long run b. can persist only if there are significant differences in the nonmonetary characteristics of the two jobs c. can persist if workers in the lower-wage job lack the ability to gain the skills needed for the higher-wage job d. will be eliminated as labor supply to the higher-wage job increases e. is likely unrelated to different workers' endowments of talent and intelligence
An increase in the government's budget surplus means
a. public saving is greater than $0 and increasing. b. public saving is greater than $0 and decreasing. c. public saving is less than $0 and increasing. d. public saving is less than $0 and decreasing.
In the U.S., the average adult holds about $4,490 in
a. currency. b. wealth. c. M1. d. M2.
What is meant by the concept of a “coordination failure” in macroeconomics?
What will be an ideal response?