Which of the following is LEAST likely to be an example of a normal good?
A. Store-brand breakfast cereal
B. Motor vehicles
C. Routine medical care
D. Housing
Answer: A
You might also like to view...
According to Keynesians, the primary source of business cycle fluctuations is
A) aggregate demand shocks. B) productivity shocks. C) oil price shocks. D) consumer confidence shocks.
The addition to a business firm's total costs, that comes from producing one more unit of output, is its:
a. total variable cost. b. marginal cost. c. sunk cost. d. opportunity cost. e. total fixed cost
In some parts of the United States, sugar beets are grown and harvested. The process of producing usable sugar from the beets generates foul-smelling smoke. A government policy that limits the emission of smoke by sugar-beet-processing firms is an example of
a. a market-based policy. b. a command-and-control policy. c. tradable pollution permits. d. transaction costs.
In reality, all economic systems are
A. mixed. B. capitalistic. C. democratic. D. socialistic.