Which of the following most likely involves buying an inferior service?
a. going on a cruise
b. seeing a Broadway show
c. streaming a video
d. attending a rock concert
c. streaming a video
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When an economy experiences deflation, consumption will:
A. decrease, because people will want to wait for prices to drop before spending. B. increase, because people will want to wait for prices to drop before spending. C. decrease, because people will lose value in their savings. D. increase, because people will lose value in their savings.
An example of a good whose production is counted in this year's GDP is
a. a share of corporate stock b. a used book c. an acre of farm land d. a used car e. a new shirt
The expenses a company must pay before it can begin to produce and sell goods:
a. start-up costs b. merger c. patent d. monopoly e. deregulation
Which industry or sector of the economy would least likely be affected by the business cycle?
A. Automobiles B. Capital goods C. Services D. Consumer durables