A nondurable good
A. is an intangible commodity.
B. applies only to services.
C. has a life span of more than 3 years.
D. is used up within 3 years.
Answer: D
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Why does the production possibilities frontier have a bowed out shape rather than being a straight line?
What will be an ideal response?
A perfectly competitive firm definitely makes an economic profit in the short run if price is
A) equal to marginal cost. B) equal to average total cost. C) greater than average total cost. D) greater than marginal cost. E) greater than average variable cost.
A consumer is likely to avoid adverse selection and get a high-quality lunch at
A) a snack bar at a traveling carnival. B) a vendor who parks her cart at a different location every noon. C) a restaurant in the center of a business district. D) a restaurant located next door to Disneyland.
Increased saving today means
a. more consumption today and in the future b. less consumption today and in the future c. more consumption today and less in the future d. less consumption today and more in the future e. more income today, but the net effect of increased income on the balance between consumption and saving cannot be determined in advance