Most economists analyze economic issues from a normative approach
Indicate whether the statement is true or false
FALSE
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Public goods have at least one of two characteristics. What are the two characteristics?
a. collective consumption; nonexcludability b. individual consumption; nonexcludability c. collective consumption; excludability d. individual consumption; excludability
The market price equals the equilibrium price if quantity demanded equals quantity supplied at the market price.
Answer the following statement true (T) or false (F)
Deflation will
A) increase aggregate demand. B) increase the quantity of real GDP demanded. C) decrease aggregate demand. D) decrease the quantity of real GDP demanded.
To an economist, the question of whether the right type of criminals are in jail hinges on
A. the severity of the offenses the criminals committed to get them in jail. B. whether the jail cell would be better utilized housing someone more dangerous. C. whether criminals show remorse. D. the likelihood they will commit their particular crime ever again if released.