A good or service can be consumed by a person even if he or she didn't pay for it is called ________ good
A) a private
B) a public
C) a normal
D) an inferior
E) an external
B
You might also like to view...
The finite nature of the economy's resource base:
a. will be solved if only we would learn to conserve. b. is only a problem in developing countries. c. will be solved as technology advances. d. will always be with us.
Specialization according to comparative advantage, followed by trade, allows everyone to acquire more of the goods they want
a. True b. False Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
1. Prior to 2006, the most severe trough in a U.S. business cycle since the Great Depression occurred in 1981–1982. 2. Psychological forces usually tend to moderate cyclical movements of the economy. 3. A recession is defined as a period in which real GDP is negative for two consecutive quarters. 4. Interest rates usually rise during the contraction phase of the business cycle. 5. The level of business activity at any time is affected by the trend, seasonal variations, random fluctuations, and cyclical fluctuations.
Autonomous determinants of consumption expenditures are dependent on the level of current disposable income
a. True b. False Indicate whether the statement is true or false