Which of the following statements is FALSE?
A. Wants are unlimited and include all material and nonmaterial desires.
B. Services are intangible goods such as dry cleaning, hospital care, and restaurant meal preparation.
C. A good is anything that gives satisfaction or happiness to individuals.
D. Economic goods are available in desired quantities at a zero price.
Answer: D
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Recently it has been discovered that lobsters grown on lobster farms can feed on algae, which is a cheaper lobster food. As a result of this discovery,
a. the supply curve for lobster will shift to the left b. the supply curve for lobster will shift to the right c. there will be an increase in the quantity of lobsters supplied d. there will be a decrease in the quantity of lobsters supplied e. both supply and demand curves will shift to the right
The value added method to measure GDP does not avoid double counting
a. True b. False Indicate whether the statement is true or false