A product with qualities that consumers lack the expertise to assess without assistance is called a(n)
A) search good.
B) experience good.
C) credence good.
D) inferior good.
Answer: C
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Assume that the Fed knows a demand shock has occurred in the economy. It takes the Fed 2 months to adjust policy to the shock, and it takes the economy 14 months for the policy change to affect the economy
The 2 month time period refers to the ________, and the following 14 month time period refers to the ________. A) policy lag; implementation lag B) recognition lag; implementation lag C) implementation lag; impact lag D) policy lag; recognition lag
The existence of heterogeneous preferences for government is an economic argument for a federal system of government
a. True b. False
In the long run, a perfectly competitive firm earns no accounting profits
a. True b. False Indicate whether the statement is true or false
A tax on buyers increases the size of a market
a. True b. False Indicate whether the statement is true or false