A smart phone would be considered:
A. a private good.
B. a common resource.
C. a public good.
D. an artificially scarce good.
Answer: A
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Some governments have adopted statutes that require, under certain circumstances, payment greater than fair market value be paid to property owners for property seized through eminent domain
Indicate whether the statement is true or false
A decrease in AS will trigger more inflation under which of the following conditions?
a. AD is relatively steep. b. AD is relatively flat. c. AS is relatively steep. d. AS is relatively flat.
If the demand for dollars in the market for foreign-currency exchange shifts left, then the exchange rate
a. rises and the quantity of dollars exchanged rises. b. rises and the quantity of dollars exchanged does not change. c. falls and the quantity of dollars exchanged falls. d. falls and the quantity of dollars exchanged does not change.
The important characteristic of normative statements is that they
A) explain what really exists. B) are based on somebody's values and cannot be tested. C) explain what normally happens in the real world. D) help guide us to what will normally occur if some economic variable changes its value. E) do not use the ceteris paribus assumption.