________ demonstrates that an optimal (or most efficient) level of output exists for every public good.
A. The Coase theorem
B. The Theory of Public Choice
C. The Tiebout hypothesis
D. Samuelson's theory of public expenditure
Answer: D
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As long as an additional worker hired by a firm produces
A) more output than the real wage rate, the firm will hire that worker. B) more output than the real wage rate, the firm will not hire that worker. C) less output than the real wage rate, the firm will hire that worker. D) some output, the firm will hire that worker. E) more output than the nominal wage rate, the firm will hire that worker.
Which of the following defines the "medium of exchange" function of money?
a. To provide a common measurement of the relative value of different goods and services. b. The ability of money to hold value over time. c. The materials used manufacture money are of medium grade so that people will not hoard money for its commodity value. d. Money that is widely accepted in exchange for goods and services.
If the marginal propensity to consume (MPC) is 0.96, the value of the spending multiplier is:
a. 25. b. 40. c. 96. d. 100.
The level of real GDP person
a. differs widely across countries, but the growth rate of real GDP per person is similar across countries. b. is very similar across countries, but the growth rate of real GDP per person differs widely across countries. c. and the growth rate of real GDP per person are similar across countries. d. and the growth rate of real GDP per person vary widely across countries.