John has just tried on the most comfortable pair of pants that he has ever known. The pants are a(n)
A) experience good.
B) credence good.
C) logo good.
D) information good.
Answer: A
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"Other things equal, an increase in supply causes a decrease in price" is a normative statement, not a positive statement
a. True b. False Indicate whether the statement is true or false
Gross Domestic Product measures the market value of all intermediate goods and services produced in the world during a given period, usually a year
Indicate whether the statement is true or false
The recession of 1937-38 could be blamed on
A. both the Roosevelt Administration and the Federal Reserve Board. B. neither the Roosevelt Administration nor the Federal Reserve Board. C. the Roosevelt Administration, but not the Federal Reserve Board. D. the Federal Reserve Board, but not the Roosevelt Administration.
Which of the following is not likely to contribute to economic growth?
A. Technological development B. Government planning C. Institutions with incentives compatible with growth D. Entrepreneurship