When a good is rival in consumption,
a. one person's use of the good diminishes another person's ability to use it.
b. people can be prevented from using the good.
c. an unlimited number of people can use the good at the same time.
d. everyone will be excluded from obtaining the good.
a
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People expect that the El Niño effect will cause drought in Australia in coming years. If most Australian firms expect their profits will fall during the next five years, Australia's ________ this year
A) aggregate demand will increase B) long-run aggregate supply will increase C) aggregate demand will decrease D) short-run aggregate supply will increase
If the consumption function is C = 20 + 0.5YD, then an increase in disposable income by $100 will result in an increase in consumer expenditure by
A) $25. B) $70. C) $50. D) $100.
What is the total cost at the break-even quantity calculated above?
a. $750 b. $850 c. $950 d. $1050
Flexible, or floating, exchange rate is determined by the:
a. World Bank. b. forces of supply and demand. c. price of gold. d. Federal Reserve.