A ________ is any activity or benefit offered for sale that is essentially intangible and does not result in the ownership of anything?
A. demand
B. basic staple
C. product
D. service
A. demand
B. basic staple
C. product
D. service
A. actual differences in labor productivity between countries
B. relative differences in labor productivity between countries
C. Both (a) and (b)
D. Neither (a) nor (b)
A. encourage the use of more capital in the long run, reduce demand for all inputs
B. encourage the use of more capital increase demand for all inputs
C. encourage the use of less capital reduce demand for all inputs
D. encourage the use of less capital, reduce demand for all inputs
A. Reduce the cost of living
B. Reduce the standard of living
C. Reduce the price of products
D. Reduce the purchasing power of a rupee
A. quota
B. barrier
C. tariff
D. embargo
A. master salespersons
B. sales assistants
C. technical support persons
D. telemarketers
A. With a large enough computer, central planners could guide production more efficiently than markets.
B. Market participants act as if guided by an invisible hand to produce outcomes that maximize social welfare
C. The strength of a market system is that it tends to distribute resources evenly across consumers.
D. Taxes help prices communicate costs and benefits to producers and consumers.