An example of a standardized good is:
A. digital cameras.
B. granola cereal.
C. grain.
D. hamburgers.
Answer: C
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
Cities included all of the following economies of scale except
(a) Transportation (b) Sanitation (c) Crime (d) Education
Common property
A) is owned by everyone. B) is owned by no one. C) Neither A nor B are correct. D) Both A and B are correct.
Money functioning as a medium of exchange results in an increase in transactions costs
a. True b. False Indicate whether the statement is true or false