Pay-per-view broadcasts are
a. private goods.
b. club goods.
c. common resources.
d. public goods.
b
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According to the quantity theory, in the long run, an increase in the growth rate of ________ leads to an increase in the ________
A) real GDP; inflation rate B) the quantity of money; growth rate of real GDP C) the quantity of money; inflation rate D) real GDP; growth rate of velocity
During a presidential campaign, the incumbent argues that he should be reelected because nominal GDP grew by 12 percent during his 4-year term in office. You know that population grew by 4 percent over the period and that the GDP deflator increased by 6 percent during the past 4 years. You should conclude that real GDP per person
a. grew by more than 12 percent. b. grew, but by less than 12 percent. c. was unchanged. d. decreased.
Which of the following would be an example of a fixed cost?
A. property insurance premiums B. wages paid to temporary workers C. expenditures on imported raw materials D. the electric and gas bills
A person who discovers that he/she has advanced stages of cancer and calls his/her life insurance agent to double his/her insurance policy is an example of:
A. the problem of information symmetry. B. a moral hazard risk. C. the risk of adverse selection. D. risk spreading.