A good that has qualities that are easy for a consumer to assess in advance of a purchase is called
A. a credence good.
B. a persuasive good.
C. an experience good.
D. a search good.
Answer: D
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Suppose you are offered a new smartphone in exchange for thirty hours of your work in your friend's garden. This is an example of
A) money as a standard of deferred payment. B) barter. C) money as a medium of exchange. D) money as a store of value.
Which of the following is the best definition of economics?
a. Economics is the study of how to manage corporations to generate the greatest return on shareholder investment. b. Economics is the study of how to manage city and country government to generate the greatest good to its citizens. c. Economics is the study of how society chooses to allocate its scarce resources. d. Economics is the study of how to track revenues and costs within a business.