Which of the following statements is FALSE?
A) Economic goods are available in desired quantities at a zero price.
B) A good is anything that gives satisfaction or happiness to individuals.
C) Services are intangible goods such as dry cleaning, hospital care, and restaurant meal preparation.
D) Wants are unlimited and include all material and nonmaterial desires.
A
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A decrease in the price of driver liability insurance will ________ the ________ for new automobiles
A) decrease; demand B) increase; demand C) decrease; supply D) increase; supply E) None of the above is correct.
Suppose the market-clearing wage for pizza delivery workers is $7.00 per hour, but a $10.00 per hour minimum wage is enacted. Other things constant, the higher minimum wage tends to
A) increase the supply of pizza delivery workers. B) decrease the quantity demanded of pizza delivery workers. C) create a shortage of pizza delivery workers. D) accomplish all of the above. E) accomplish none of the above.