Harry needs to hire an accountant but does NOT know how to find a good one. The accountant is a(n)
A) experience good.
B) credence good.
C) logo good.
D) search good.
Answer: B
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Assume the income elasticity for a particular good has been estimated to be -0.68. Based on this information, we can infer that the good is inferior and a necessity
Indicate whether the statement is true or false
Generally speaking, central banks in developing economies are:
A. more independent from political pressures than central banks in developed economies. B. less independent from political pressures than central banks in developed economies. C. about as independent from political pressures as central banks in developed countries. D. completely independent from political pressures.
Discrimination in the workforce
A. is due primarily to employees and not employers or consumers. B. leads to inefficiency. C. never leads to higher utility. D. is due primarily to consumers and not employers or employees. E. does not exist.
The diagram portrays:
A. a competitive firm that should shut down in the short run.
B. the equilibrium position of a competitive firm in the long run.
C. a competitive firm that is realizing an economic profit.
D. the loss-minimizing position of a competitive firm in the short run.