The government receives all of the benefits associated with the production of a public good.
Answer the following statement true (T) or false (F)
False
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Costs that tend to deter firms from changing their prices in response to changes in the market equilibrium price are referred to as
A) large menu costs. B) small menu costs. C) real menu costs. D) burden costs.
The tendency of changes in asset prices to affect spending on consumption goods is called the ________ effect.
A. multiplier B. wealth C. income D. substitution
In the early 2000s, Chinese officials indicted members of a forgery syndicate that sold several hundred diplomas to high school graduates who needed the diplomas to take employment tests. This situation, where having the certificate of knowledge is more important than the knowledge itself, is known as:
A. the brain drain. B. human capital. C. certification. D. credentialism.
Which of the following will cause the aggregate demand curve to shift to the left?
A. An increase in national incomes abroad. B. An increase in the price level. C. A decrease in the price level. D. An appreciation in the value of the U.S. dollar.