Goods that are not excludable include both
a. private goods and public goods.
b. club goods and common resources.
c. common resources and public goods.
d. private goods and club goods.
c
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Bagels and cream cheese are complementary goods. Suppose that the price for flour, which is used to produce bagels, increases. The equilibrium price of cream cheese ________, and the equilibrium quantity of cream cheese ________
A) does not change; does not change B) falls; decreases C) falls; increases D) rises; increases E) rises; decreases
Which of the following statements is true?
A) Empirical arguments can be supported without the use of data. B) Using a large data set will strengthen the force of an empirical argument C) Using fewer observations will strengthen the force of an empirical argument. D) The number of observations used does not affect the strength of an empirical argument.
On a graph showing the aggregate demand and aggregate supply curves, stagflation can be represented by a:
a. leftward shift of the aggregate supply curve b. rightward shift of the aggregate supply curve. c. upward movement along the aggregate supply curve. d. rightward shift of the aggregate demand curve. e. upward movement along the aggregate demand curve.
Inventory changes (that is, goods produced but not sold) are important in calculating GDP because
a. they are the least volatile component of investment b. these changes mean the economy has extra goods available for purchase c. they are an example of transfer payments d. GDP includes all possible sources for goods and services e. we want to measure all current production when computing GDP