A public good is
A. a good that the public must pay for.
B. nonexcludable in consumption.
C. more costly than a private good.
D. paid for by the government.
B. nonexcludable in consumption.
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Suppose planned expenditures exceed output. Explain how equilibrium is restored in this economy
What will be an ideal response?
Assume that consumption in the United States is $9,000 billion in 2009 . If the MPC is 0.8 and disposable income increases by $1,000 billion in 2010, then the level of consumption in 2010 will be
a. $10,000 billion. b. $9,800 billion. c. $9,000 billion. d. $7,200 billion.
A Giffen good is one for which the quantity demanded rises as the price rises because the income effect
a. reinforces the substitution effect. b. reinforces and is greater than the substitution effect. c. counteracts but is smaller than the substitution effect. d. counteracts and is greater than the substitution effect.
That an increasing number of jobs that do not pay enough to subsist on is ____ theory of poverty.
A. a conservative B. a liberal C. both a liberal and a conservative D. neither a liberal nor a conservative