A waitress brings a free glass of wine when you sit down in a restaurant. This glass of wine is
A) a service because the waitress carried it instead of making it.
B) a good, but not an economic good because there is no price charged for the wine.
C) a nongood because there is no price charged for the wine.
D) an economic good because wine is produced with scarce resources, even if it is free to you.
D
You might also like to view...
A recent estimate of the fiscal burden on state and local government for low-skilled immigrant households is nearly:
A. $10 billion annually B. $30 billion annually C. $50 billion annually D. $100 billion annually
Assuming each policy is performed with the same magnitude, which of the following would be the most restrictive monetary policy action on the part of the Federal Reserve?
a. Sell government securities, raise reserve requirements, and lower the discount rate b. Buy government securities, raise reserve requirements, and raise the discount rate c. Sell government securities, lower reserve requirements, and raise the discount rate d. Sell government securities, raise reserve requirements, and raise the discount rate
For most of World War II, the United States economy temporarily operated ____________ the production possibilities frontier.
Fill in the blank(s) with the appropriate word(s).
The following is budget information for a hypothetical economy. All data are in billions of dollars.YearGovernment SpendingTax RevenuesGDP1$800$825$4,00028508504,20039008754,35049509004,50051,0009254,600Refer to the above data. The budget deficit was $75 billion in:
A. year 5. B. year 2. C. year 3. D. year 4.