Which of the following is an example of a durable good?
a. a chocolate bar
b. a sewing machine
c. a breakfast cereal
d. a bottle of aspirin
b. a sewing machine
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Innovation is the application of new technology to a production process
Indicate whether the statement is true or false
Herbert Simon has concluded that decision making in industry is often best described as
a. optimizing behavior. b. profit maximizing. c. satisficing. d. saturating.
Refer to the figure below where the nominal interest rate equals 6% and the money supply equals 600. If the Federal Reserve wants to set the nominal interest rate at 10%, it must conduct open market ________ to set the money supply at ________. 
A. sales; 200 B. sales; 800 C. purchases; 800 D. purchases; 200
Lobbying efforts by individuals and firms:
a. increases productive efficiency in the economy. b. merely transfer income and wealth from one individual or group to another. c. enables the firms to experience economies of scale. d. improves the overall standard of living in the economy. e. helps the economy to produce the efficient level of output.