Household spending on goods and services is known as
What will be an ideal response?
consumption spending
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Which of the following goods is least likely to be provided by the private sector?
a. a good characterized by nonrivalry in consumption from which nonpaying customers can be excluded b. a good characterized by nonrivalry in consumption from which paying customers cannot be excluded c. a good characterized by rivalry in consumption from which nonpaying customers can be excluded d. a good for which the marginal private benefit to an individual exceeds the marginal cost of producing the good
In the long run, entry ensures that the typical monopolistically competitive firm will
a. produce at minimum efficient scale b. earn an economic profit c. earn a normal profit d. price its output at marginal cost e. standardize its product
How do changes in open market operations alter the monetary base, and how do changes in the monetary base translate to changes in the money supply?
Say's law states that supply creates its own demand because
A. there is always a buyer for every good produced. B. supply prices are always equal to demand prices. C. prices are such that, in the short run, producers know exactly how much to produce. D. the act of producing creates an income sufficient to purchase all that is produced.