Which of the following is a merit good?
A. Health care.
B. Electricity.
C. Automobiles.
D. Local telephone service.
Answer: A
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A key component of the Keynesian model is that
A) people are not fooled by money illusion. B) prices are flexible. C) prices are sticky. D) wages are flexible.
If on a given product indifference curve, a firm is using an insufficient (nonoptimal) amount of one of its inputs,
A. output will be below optimal. B. the MRP of the input will be below its price. C. costs will not be minimal. D. relative input prices need to change.
Today, producers changed their expectations about the future. This change
a. can cause a movement along a supply curve. b. can affect future supply, but not today's supply. c. can affect today's supply. d. cannot affect either today's supply or future supply.
What are accountants primarily interested in?
a. the taxes due on capital assets of firms b. the stock of assets of firms c. the flow of money into and out of firms d. the marginal costs of production of firms