A credence good is a product
A. that emphasizes the features of its product.
B. that an individual must consume before the quality can be established.
C. with characteristics that enable an individual to evaluate the product's quality in advance of a purchase.
D. with qualities that consumers lack the expertise to assess without assistance.
Answer: D
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An increase in total factor productivity could be the result of
A) adverse weather. B) the addition of new machinery. C) new hires. D) the introduction of new manufacturing methods.
Which of the following is not an example of agenda control?
a. The assignment of members of Congress to committees. b. Determination of the ballot language of a tax-and-expenditure limitation initiative. c. Special interests deciding which members of Congress deserve their attention. d. The majority caucus decides who can run for Speaker of the House of Representatives.
In effect, during the period immediately following World War II, the world was on a(n):
a. gold standard. b. flexible-exchange-rate standard. c. U.S. dollar standard. d. exchange-rate standard dictated by Germany e. pegged-exchange rate standard.
The price elasticity of demand for a good measures the responsiveness of:
A. price to a 1 percent change in the quantity demanded of that good. B. price to a 1 percent change in the demand for that good. C. quantity demanded to a 1 percent change in price of that good. D. demand to a 1 percent change in price of that good.