A common resource is
A. excludable and nonrival in consumption.
B. nonexcludable and rival in consumption.
C. nonexcludable and nonrival in consumption.
D. excludable and rival in consumption.
Answer: B
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Which of the following statements is false?
A) Some prices in an economy adjust faster than other prices. B) Aggregate demand curves slope downward. C) Firms may not adjust their prices immediately because they may be unable to figure out whether a decline in demand is temporary or permanent. D) The absolute price of a good is the dollar or money price of the good. E) none of the above
A person's real wage will fall if the nominal wage falls, the price level rises, or both
Indicate whether the statement is true or false
When "rent controls" result in a shortage of housing, landlords
A) use criteria other than price to allocate housing. B) lower the price to allocate the housing. C) attempt to attract renters. D) None of the above.
When the average tax rate rises as income rises, this is known as progressive taxation.
Answer the following statement true (T) or false (F)