A product that must be actually consumed before the quality of the product can be determined is a(n)
A) search good.
B) consumable good.
C) consumption good.
D) experience good.
Answer: D
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Along the short-run Phillips curve SRPC2 the natural unemployment rate is
A) 8 percent. B) 3 percent. C) 4 percent. D) 6 percent. E) an amount that can be determined from the figure but none of the above answers is correct.
Refer to Figure 4-6. What area represents consumer surplus at the equilibrium price of P1?
A) D + E B) A C) A + B + C + D + E D) A + B + C
Economists can evaluate the desirability of the distribution of income
a. True b. False Indicate whether the statement is true or false
If the general level of prices is lower than business decision makers anticipated when they entered into long-term contracts for raw materials and other resources, which of the following is most likely to occur?
a. an economic boom b. highly attractive profit margins c. output less than the economy's long-run potential d. a sharp increase in imports