As you eat a banana, there is less and less of it left. If others were expecting to eat it too, they are out of luck. In this sense, a banana is a(n)
a. exclusive good
b. rival good
c. public good
d. merit good
e. nonexclusive good
B
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Luigi is willing to lend Klaus $5,000 for one year at a nominal rate of interest of 7%. Both Luigi and Klaus expect the rate of inflation to be 2% in the next year. How many dollars will Klaus have to pay Luigi in one year?
A. $350 B. $5,000 C. $5,350 D. $4,650
Which of the following contributed to the weak recovery from the 2008-2009 recession?
a. constant policy changes that generated uncertainty and undermined private investment b. the restrictive monetary policy followed by the Fed c. the tax increases instituted by a Congress intent on balancing the budget d. the inability of the federal government to borrow because of the sharply higher interest rates
In an economy, the value of inventories fell by $50 billion from year 1 to year 2. In calculating total investment for year 2, national income accountants would increase it by $50 billion.
Answer the following statement true (T) or false (F)
Savings equal the difference between personal income and consumption.
Answer the following statement true (T) or false (F)