The difference between a good and a service is that
a. a good helps satisfy unlimited wants; a service does not
b. a service helps satisfy unlimited wants; a good does not
c. a services is available in unlimited quantities; a good is not
d. a good is available in unlimited quantities; a service is not
e. a good is tangible; a service is not
E
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A restaurant buys fish to offer as a daily menu special. The purchase of the fish by the restaurant is
A) an intermediate good. B) part of net exports if the fish was caught beyond the U.S. border. C) an investment. D) an example of government expenditures on goods and services. E) a consumption expenditure.
Which of the following is not a result of binding government price controls?
A) Some people win and some people lose. B) Price controls benefit poor consumers but harm producers and wealthy consumers. C) Price controls decrease economic efficiency. D) A deadweight loss will occur.