Which of the following is true?
a. Tangible goods are subject to economic analysis but intangible goods are not
b. Intangible goods are just an alternative term for services.
c. Goods and services can be made costless by having the government give them away to citizens.
d. All goods and services, whether tangible or intangible, are made from scarce resources and are subject to economic analysis.
d
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A grower of commercial Christmas trees can raise blue spruce and Douglas fir. Therefore, an increase in the expected market price of Douglas firs tends to
A) reduce the planting of Douglas firs. B) reduce the planting of blue spruce trees. C) increase the cost of planting Douglas firs. D) do none of the above.
If your business earns $10,000 in revenues, has explicit costs of $7,000, and implicit costs of $5,000, your accounting profit is
A) $2,000. B) -$2,000. C) $5,000. D) $3,000.
A tariff is
A) a government-imposed restriction on the quantity of a specific good that can be imported into the country. B) a tax on imported goods. C) a subsidy on domestically produced goods. D) a voluntary agreement to restrict exports.
A portion of a worker's earnings is rent if
A) the worker was the last person hired at the going wage rate. B) the supply curve of labor is horizontal. C) the worker would accept a small wage cut without quitting or working for someone else. D) the worker has industry-specific skills.