A waitress brings a loaf of bread without charge when you sit down in a restaurant. This loaf of bread is
A. an economic good because the bread is a scarce resource, even if it is free to you.
B. a bad because there is no price charged for the bread.
C. a good, but not an economic good because there is no price charged for the bread.
D. a service because the waitress carried it instead of making it.
Answer: A
You might also like to view...
The health care system in the United Kingdom is often referred to as ________, under which the government owns most of the hospitals and employs most of the doctors
A) a single-payer system B) a universal health insurance system C) socialized medicine D) a private health care system
In order to maintain an effective fixed exchange rate that differs from the market rate, the government must have
a. arbitrage capability b. a surplus of merchandise exports c. the ability to persuade other governments to control their exports d. sufficient foreign exchange reserves e. the ability to float high interest rates
The price of milk would be of particular interest to
A. a microeconomist. B. a macroeconomist. C. neither a microeconomist nor a macroeconomist. D. both a microeconomist and a macroeconomist.
Suppose the current unemployment rate is 3 percent. If it rises to 4 percent
A. the economy will move closer to the production possibilities curve. B. the economy will move up along the production possibilities curve. C. the production possibilities curve will shift inward. D. the economy will operate farther inside the production possibilities curve.