A commodity or service whose consumption by one person does not preclude others from also consuming it is called a
A) private good.
B) public good.
C) Giffen good.
D) Coase good.
B
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A supply-side policy to cure stagflation would include
A. Reduced government spending. B. A higher reserve requirement. C. Reduced government regulation. D. The purchase of securities in the open market by the Fed.
In economics, the word "aggregate" refers to
A. an economy as a whole. B. the government. C. how individual households differ from each other. D. the public sector itself.
When the price of gasoline rises, some consumers begin riding their bikes more frequently or riding the bus instead of driving their cars. The fact that the CPI does not fully account for such changes in consumer behavior is called
A) outlet bias. B) increase in quality bias. C) substitution bias. D) discrimination bias.
If the price of the product produced by labor increases, the marginal revenue product of labor curve will
A. shift to the left. B. be unaffected because productivity of labor has not changed. C. shift to the right. D. become more elastic.