An example of an excludable good or service is a:
A. city park.
B. movie in a theater.
C. levee system.
D. rainbow.
Answer: B
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The table above gives Cathy's total utility from Mt. Dew. Cathy's marginal utility from additional Mt. Dews is
A) diminishing. B) increasing. C) constant. D) negative.
When we add a personal income tax to the macroeconomic model, the
A. multiplier becomes larger. B. multiplier becomes smaller. C. expenditures schedule shifts upward. D. expenditures schedule becomes steeper.
The commercial banks on Sunny Island have checking deposits of $4 million, reserves of $600,000, and loans of $2.4 million. The required reserve ratio is 10 percent. The banks have ________ of required reserves and ________ of excess reserves
What will be an ideal response?
Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower