Space on a popular, public beach is ________ in consumption
A) non-excludable and non-rival
B) excludable but non-rival
C) excludable and rival
D) non-excludable but rival
D
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The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A
Which of the following would lead to a decrease in the supply of watches?
a. An increase in the price of watches b. A decrease in the price of watches c. A decrease in the expected future price of watches d. None of the above
In order to sell additional units of their products, competitive firms must
A. Cut their expenses. B. Increase their advertising. C. Lower their price. D. Increase output.
The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A