Periodic fluctuations in real GDP are called
a. business cycles
b. recessions
c. peaks
d. expansions
e. troughs
A
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The slope of a consumer’s indifference curve between two commodities represents
A. her marginal rate of substitution between the commodities. B. the relative prices of the goods. C. her marginal revenue from selling the commodities. D. her marginal revenue product from consuming the commodities.
Some economists have argued that certain characteristics of the delivery of health care justify government intervention. One of these characteristics is
A) health care is nonrivalrous and nonexcludable. B) health care generates negative externalities. C) health care is a public good. D) health care generates positive externalities.
Tolls for government turnpikes have features of a tax based on _____
a. the benefit principle b. the ability-to-pay principle c. the Ramsey rule d. redistribution
The value of money for buying goods and services is known as
A) inflation. B) nomination. C) nominal income. D) purchasing power.