Recall the four types of goods. Are national defense and basic research the same type of good? Briefly explain
Yes. Both national defense and basic research are classified as public goods.
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Everything else held constant, during a business cycle expansion, the supply of bonds shifts to the ________ as businesses perceive more profitable investment opportunities, while the demand for bonds shifts to the ________ as a result of the
increase in wealth generated by the economic expansion. A) right; left B) right; right C) left; left D) left; right
List the three coordination decisions made by every economy.
A. Where? When? How? B. How? What? To whom? C. Why? Where? What? D. When? To Whom? Where?
An increase in the expected price level shifts the
a. short-run and long-run aggregate supply curves left. b. the short-run but not the long-run aggregate supply curve left. c. the long-run but not the short-run aggregate supply curve left. d. neither the long-run nor the short-run aggregate supply curve left.
When are black markets likely to arise?
A. when the government removes a price floor B. when there is a surplus of a good C. when the quantity supplied of a good exceeds the quantity demanded D. when the government enforces a price ceiling