Which of the following is true?
a. Tangible goods are subject to economic analysis but intangible goods are not.
b. Intangible goods are just an alternative term for services.
c. Goods and services can be made costless by having the government give them away to citizens.
d. All goods and services, whether tangible or intangible, are made from scarce resources and are subject to economic analysis.
Question 2
U.S. nominal GDP:
a. has historically increased more slowly than real GDP.
b. has historically increased more rapidly than real GDP.
c. includes an estimate of the value of leisure time.
d. includes an estimate of underground productive activity.
Early cities were small economic centers surrounded by walls to keep out enemies. These cities had ...
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