A product is considered to be excludable if it is jointly owned by all members of a community
Indicate whether the statement is true or false
FALSE
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The slope of the aggregate demand curve illustrates that as the price level rises,
A. real GDP demanded decreases. B. real GDP demanded increases. C. the aggregate demand curve shifts rightward. D. the aggregate demand curve shifts leftward.
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
Which of the following best defines the vicious circle of poverty?
a. Countries are poor because they cannot afford to save and invest. b. Countries are poor because of high population growth. c. Countries are poor because of lack of education and training for workers. d. Countries are poor because of poor international credit.
Total variable costs: a. are costs associated with short-run fixed capital
b. are so named because they vary from firm to firm within an industry. c. increase as production increases. d. decrease as production increases.