John has decided to watch the sunrise tomorrow morning. The sunrise is an example of
A. an economic good.
B. an economic bad.
C. a service.
D. a good.
Answer: D
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If the Federal Reserve conducts open market sales, the money supply ________, shifting the LM curve to the ________, everything else held constant
A) decreases; right B) decreases; left C) increases; right D) increases; left
Plant and equipment that is “used up” in producing current output is
A. marginal product. B. depreciation. C. deficit product. D. marginal rate of usage.
A system in which the factors of production are owned by private citizens
a. command economy b. traditional economy c. capitalism d. free enterprise economy
A dilemma of regulation is that:
A. the regulated price that achieves allocative efficiency is also likely to result in persistent economic profits. B. the regulated price that results in a "fair return" restricts output by more than would unregulated monopoly. C. regulated pricing always conflicts with the "due process" provision of the Constitution. D. the regulated price that achieves allocative efficiency is also likely to result in losses.