If a water-slide park opens to the public in your neighborhood and an admission fee is charged, then the park is a
a. public good
b. private good
c. good that everyone wants
d. nonrival good
e. nonexclusive good
B
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The above table gives the government outlays and tax revenues from 2008 through 2012 for two countries. In 2010 country A had a ________ and country B had a ________
A) budget deficit; budget deficit B) budget deficit; budget surplus C) balanced budget; budget deficit D) budget surplus; budget surplus E) budget surplus; budget deficit
Which function of money allows for specialization to take place?
A) medium of exchange B) unit of account C) store of value D) standard of deferred payment
Assuming that opportunity costs are constant, which of the following is a correct statement? (See the above table.)
A) The United States has a comparative advantage in bicycle production. B) The United States has a comparative advantage in producing both goods. C) Mexico has a comparative advantage in producing bicycles. D) Mexico has a comparative advantage in producing both goods.
Which of the following increases U.S. aggregate demand?
a. a lower price level, increasing citizen's real wealth b. a lower price level, reducing interest rates c. a lower price level, increasing exports and decreasing imports d. None of the above