If output rises, then income
a. drops by an equal amount
b. remains stable
c. rises twice as fast as output
d. rises slowly
e. rises by an equal amount
E
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From which of the following goods is it most difficult to exclude free riders?
A) Tickets for the Newport Jazz Festival B) Food and beer sold at the Newport Jazz Festival C) Programs and souvenirs sold at the Newport Jazz Festival D) A radio simulcast of the Newport Jazz Festival
All of the following are barriers to entry in an industry EXCEPT
A) a patent. B) governmental restrictions. C) low marginal tax rates. D) economies of scale.
A fair distribution of income for the U.S. economy is
a. not an economic issue b. defined by the Department of Agriculture c. a positive economic question d. a normative economic question e. a state and local issue but not a national one
Under a system of fixed exchange rates, what happens if a country's currency is overvalued?
A. The central bank gains official reserve assets. B. The central bank loses official reserve assets. C. The exchange rate rises. D. The currency appreciates.