Services can be thought of as
A) unvalued goods.
B) unwanted goods.
C) free goods.
D) intangible goods.
Answer: D
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The model that economists use for illustrating the process of individual choice in a situation of scarcity is the _____, sometimes also called the opportunity set, a diagram which shows what choices are possible.
A. opportunity set B. consumption choice C. time value of money D. risk premium
The more profit a monopolist makes, the more inefficient is the monopoly outcome.
Answer the following statement true (T) or false (F)
In the early 2000s, some argued that the Indian government impeded foreign investment with tariffs, investment caps, and tons of red tape. In terms of promoting or retarding economic growth, such policies:
A. increase growth because they keep people producing for the local market. B. decrease growth because they slow the growth of capital. C. increase growth because they stop exploitation by foreigners. D. decrease growth because they cause inflation.
All of the following can be used to measure macroeconomic performance except for the
A. International value of the dollar. B. Total real value of goods and services produced. C. Growth rate of the population. D. Average price level of goods and services.