Standardized goods and services refers to those that:
A. are interchangeable.
B. have close substitutes.
C. are unique.
D. are regulated by the government.
A. are interchangeable.
You might also like to view...
In the prisoner's dilemma setting for stealing and producing, both participants end up __________, which turns out to be ________________________ stolen. The government _________ make both participants better off by changing the payoff matrix.
A. stealing; better for them than if they had both not; can B. stealing; worse for them than if they had both not; can C. not stealing; better for them than if they had both; cannot D. not stealing; worse for them than if they had both; cannot
If a society's unemployment rate rises from 5 percent to 8 percent, the result will be a leftward shift of the society's PPF.
Indicate wheher the statement is true or false.
Economists are fond of calculating measures of elasticity. If we calculate the income elasticity of money as the %?M / %?PY, where M is the quantity of money held and PY is nominal income, would you suspect the coefficient to be positive, negative or zero? Will the absolute value be greater or less than 1? Be sure to explain your choices.
What will be an ideal response?
If a government begins offering grants and loans to encourage entrepreneurial activity, it will cause the production possibilities curve to ______.
a. shift outward b. trend downward c. stay the same d. disappear