Consumption goods
A) include spending on machines and buildings so that goods can be produced in the future.
B) are goods that are used to make other goods.
C) include goods such as DVDs that firms hold in inventory.
D) are only the goods bought by households for immediate satisfaction.
D
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In the long run, perfectly competitive firms will exit the market if the price is
A) higher than average variable cost. B) equal to average total cost. C) less than average total cost. D) equal to average fixed cost. E) equal to marginal revenue.
John started going for soccer matches after moving in with a roommate who is a huge fan of soccer. This is an example of a(n) ________
A) moral hazard B) adverse selection C) peer effect D) pecuniary externality
Roughly what percent of American families lived below the poverty line in 2010?
A) 12% B) 22% C) 32% D) 42% E) 52%
Would the services supplied by prostitutes and brothels be included in calculating GDP in the United States?
A) Yes, because those are final services. B) Yes, but only in those states where brothels are legal. C) No, because those services are immoral. D) No, because those are not truly economic services.