An example of a nontradable good is a:
A. haircut by a renowned Italian hairstylist in Florence.
B. rare gemstone found in South Africa.
C. bottle of wine from a remote valley in France.
D. good that has no legal restriction placed on it.
Answer: A
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The price of cotton clothing falls. As a result,
A) the quantity demanded of cotton clothing increases. B) the demand for cotton clothing increases. C) the quantity demanded of cotton clothing decreases. D) the demand for cotton clothing decreases. E) both the demand for cotton clothing increases and the quantity demanded of cotton clothing increases.
The Fed's inability to instantaneously observe changes in inflation and economic growth result in
A) information lag. B) impact lag. C) policy lag. D) jet lag.
Public goods are basically
A) rival in consumption. B) nonrival in consumption. C) depletable in consumption. D) nondepletable in consumption.
A bond with no expiration has an original price of $10,000 and a fixed annual interest payment of $1000. If the price of this bond increases by $2500, the interest rate in effect will:
A. Decrease by 1 percentage point B. Decrease by 2 percentage points C. Increase by 1 percentage point D. Increase by 2 percentage points