Which of the following would be best classified as a private good?
A. a missile defense system
B. police force
C. clothing
D. radio frequency
Answer: C
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Barter requires the
A) exchange of goods and services directly for other goods and services. B) use of fiat money as a medium of exchange. C) use of commodity money as a medium of payment. D) the triple non-coincidence of wants. E) use of money as a unit of account.
The only factor that can cause movement along the aggregate supply curve is the
A. labor force. B. capital stock. C. availability of resources. D. price level. E. All of these responses are correct.
In reference to table 22.1, the $600 paid in property taxes counts as
A. A variable cost. B. A normal cost. C. An explicit cost. D. An implicit cost.
The largest in-kind transfer program in the United States is (are)
A. Welfare. B. the Housing Program. C. Medicare and Medicaid. D. SNAP.