Property owned by everyone (and thus no one in particular) is generally referred to as
A) social property.
B) private property.
C) common property.
D) natural property.
C
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Real business cycle theory emphasizes that shocks to technology can play a big part in causing economic fluctuations
Indicate whether the statement is true or false
Suppose water rates in Podunk rise by 100%. The water consumption in Podunk will tend to
A) remain unchanged, because water is a necessity of life. B) decrease substantially overnight. C) decrease more substantially over time, as residents discover substitutes for water. D) decrease, and therefore lead to a lower price of water.
Monetarists emphasize
a. crowding-out but not the liquidity trap. b. crowding-out and the liquidity trap. c. the liquidity trap but not crowding-out. d. neither crowding-out nor the liquidity trap.
According to the Lucas supply function, if the expected price level is larger than the actual price level
A. real output increases. B. real output decreases. C. nominal output decreases. D. nominal output increases.