What is the difference between goods and services?
What will be an ideal response?
Goods are tangible merchandise such as cell phones or automobiles. Services are activities done for others, such as providing medical care or legal advice.
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The traditional Keynesian approach to fiscal policy assumes
A) exchange rates are fixed. B) the focus of attention should be the long run. C) prices are flexible while interest rates are not. D) current taxes are the only taxes taken into account by firms and consumers.
Suppose the city of Chicago imposes a rent control program that fixes rents at $400 below the equilibrium rent. With this plan
A) the quantity of apartments demanded will increase. B) the quantity of apartments supplied will increase. C) young people and poor people will have an easier time finding apartments. D) the deadweight loss in Chicago's apartment market will be eliminated. E) there will be a surplus of apartments offered for rent.
If personal saving is -$10 billion and disposable personal income is $370 billion, then personal consumption spending
A. is $360 billion. B. is $380 billion. C. is $390 billion. D. cannot be determined from this information.
A job candidate refusing to take a drug test for a potential employer is an example of:
A. principles-based behavior. B. screening. C. building a reputation. D. signaling.