To be an example of a public good, a good must be both rival in consumption and nonexcludable.
Answer the following statement true (T) or false (F)
False
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In the above figure, start with the economy in equilibrium at point A. Then an unanticipated reduction in aggregate demand triggers a shift from AD1 to AD2. In the short run, this would cause
A) the price level to move from P1 to P2, but real Gross Domestic Product (GDP) would stay at Y1. B) the price level to fall from P1 to P2, real Gross Domestic Product (GDP) to fall from Y1 to Y2, and the rate of unemployment to increase. C) the price level to fall by some amount less than P1 but greater than P2, and the rate of unemployment would decrease. D) no change in either the price level or real Gross Domestic Product (GDP), but a decrease in unemployment.
In 2006, McDonald's introduced the "Snack Wrap" and it turned out to be a successful product. In the marketplace for fast-food products, this success would be an example of:
A. derived demand. B. roundabout production. C. medium of exchange. D. consumer sovereignty.
Which of the following goods should be clearly considered substitutes?
A. Peanut butter and jelly B. Right and left shoes C. Coke and Pepsi D. Gasoline and diesel fuel
The following situation is an example of an export promotion strategy. Guatemala has a comparative advantage in the production of bananas and, as a result, the Guatemalan government grants incentives to banana growers to improve their performance in the international marketplace.
Answer the following statement true (T) or false (F)