An information product is a product for which
A) the first item is produced inexpensively but additional units are more costly to produce.
B) the first unit is very costly to make but additional units are less costly to produce.
C) the marginal cost first falls and then rises but the average total cost rises throughout its range.
D) the average fixed cost first falls and then rises, but the average total cost falls throughout its range.
Answer: B
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Which of the following is an example of a subsidized service?
A) Social Security payments to retirees B) Social Security payments to widows C) welfare payments to the unemployed D) Medicare reimbursements to hospitals
Scarcity can be eliminated if:
a. people satisfy needs rather than wants. b. sufficient new resources were discovered. c. output of goods and services were increased. d. none of these.
Which of the following would cause the money supply in the United States to decrease?
a. An increase in reserve requirements b. A decrease in the discount rate c. A purchase of U.S. government bonds by the Federal Reserve d. An increase in the world supply of gold
According to the rule of 70, if the interest rate is 10 percent, about how long will it take for the value of a savings account to double?
a. about 6.3 years b. about 7 years c. about 7.7 years d. about 10 years