Economic goods are defined as
A) tangible items only.
B) services only.
C) anything from which an individual derives satisfaction.
D) any item which is available in sufficient quantity at zero price.
C
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A PPF, such as the one above, that bows outward illustrates
A) decreasing opportunity cost. B) increasing opportunity cost. C) that technology is improving. D) that productivity is falling.
A tariff has the effect of granting ____ a larger share of the domestic market.
A. domestic consumers B. foreign consumers C. domestic producers D. foreign producers
Income in the form of goods and services is
A) known as money income. B) known as income in kind. C) not considered income by economists. D) not part of wealth.
Suppose all prices decrease by 5 percent in the year while the total sales of laptops remain constant. This is
A) a violation of the law of demand since fewer laptops should be purchased at a higher price. B) a violation of the law of demand since more laptops should have been purchased with higher incomes. C) not a violation of the law of demand since the relative price of laptops did not change. D) not a violation of the law of demand since the law of demand does not apply to expensive goods like laptops.