In deciding whether a good is a public good, one must determine the
a. incomes of those who benefit from the good.
b. value of the external benefits that accrue to resource owners.
c. excludability of the good.
d. All of the above are correct.
c
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Suppose that the chain-weighted index for GDP in Panama was 180 in 2015 and 188 in 2016. The inflation rate between those two years was approximately:
A. 1.1 percent. B. 4.4 percent. C. 8 percent. D. 10.4 percent.
If the price of rocket fuel imported from Russia and used by NASA suddenly increases, then the U.S. CPI will ________ and the U.S. GDP deflator will ________
A) increase; not change B) increase; increase by more than the CPI C) not change; increase D) increase; increase E) not change; not change
According to Keynes, the consumption-income relationship is shown as C = a + bYD. Therefore, the saving-income relationship is
a. S = a + (1 ? b)YD. b. S = ? a + (1 ? b)YD. c. S = a + (1 ? b)/YD. d. S = ? a + (1? b)/YD.
Based Figure 4.2, clothing is:
A) a normal good. B) an inferior good, but not a Giffen good. C) a Giffen good. D) none of the above