Fireworks on the night on July 4th are neither rival nor excludable.
Answer the following statement true (T) or false (F)
True
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One explanation for the slope of the aggregate demand curve is that: a. nominal income falls and so does the demand for goods and services as prices rise
b. falling prices make people feel poorer and reduce spending. c. the government spends less to drive the price level back to normal as prices rise. d. businesses increase spending when inflation is high and rising. e. domestic goods become more expensive relative to foreign goods when prices rise, reducing exports.
When colluding oligopolists meet and formally agree on mutually beneficial strategies this is called
a. implicit exclusion b. beneficial inclusion c. reciprocal inclusion d. implicit exclusionary pricing e. explicit collusion
Gold would be a superior commodity money compared to wheat because:
A. it is easier to divide wheat into small units. B. wheat has more practical uses than gold. C. wheat is perishable. D. wheat has a high value relative to weight, which gold does not.
An increase in total revenue will result if
A. demand is elastic and price increases. B. demand is inelastic and price decreases. C. demand is unitary elastic and price increases. D. demand is elastic and price decreases.