What is knowledge an example of?
a) a public good
b) a private good
c) a common resource
d) a club good
Ans: a) a public good
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Cost-push inflation starts with
A) an increase in potential GDP. B) a decrease in aggregate demand. C) a decrease in aggregate supply. D) an increase in aggregate supply. E) an increase in aggregate demand.
The productivity standard says
A) that everyone should have exactly the same income. B) that the age-earnings cycle should determine income. C) that people should be compensated on the basis of what they produce. D) that people should be compensated on the basis of their need.
Other things equal, who of the following would not tend to earn more? a. Someone in a riskier or more unpleasant job, rather than a safer or more pleasant job. b. Someone in a job that requires a graduate degree rather than an undergraduate degree. c. Someone who works longer hours, rather than shorter hours
d. All of the above would tend to earn more.
Which one of the following will shift the consumption function downward?
A. an increase in disposable income B. a decrease in disposable income C. legislation making credit harder to obtain D. lower tax rates