Which of the following are examples of market signals?
A. extracurricular activities
B. education
C. warranties
D. all of the above
Answer: D
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A reduction in the value of capital goods over time due to their use in production is called:
a. amortization. b. erosion. c. consumption. d. investment. e. depreciation.
Which of the following is an assumption under which the production possibilities curve is drawn?
A. Technology is changing. B. Total unemployment is zero. C. The supply of resources is fixed. D. The price level is changing.
Bonnie volunteers to help make floral arrangements at a flower shop. She is an example of
A. human capital. B. labor. C. entrepreneurial ability. D. physical capital.
What did Milton Friedman and E.S. Phelps argue with respect to the Phillips Curve?
A. The Phillips Curve could accurately guide activist policy makers over the long run. B. The inflation rate will consistently be 2 percentage points below the unemployment rate. C. The inverse relationship between unemployment and inflation only holds in the long run. In the short run, unemployment and inflation are positively related. D. Economic participants would soon understand activist policymakers' strategy and revise their expectations, making discretionary efforts to fine-tune the economy ineffective.