Which of the following is an example of a product that is excludable and nonrival?
A) a motorcycle
B) the court system
C) Western lowland gorillas
D) a NASCAR event
D
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For a person to keep his real income steady at a certain level from one year to the next, his nominal income must
A. stay the same as the price index rises. B. rise as fast as the price index. C. rise if the price index falls. D. fall if the price index rises.
Janet calculated the GDP growth rates for France between 2012 and 2013. Using 2012 prices for both years, GDP increased 5 percent. Using 2013 prices for both years, GDP increased 1 percent
Hence the chained-price method will calculate that between these years, real GDP increased by A) 3 percent. B) 4 percent. C) 1 percent. D) 5 percent. E) 6 percent.
If the required reserve ratio is .10, demand deposits are $200 million, and total reserves are $40 million, then excess reserves are
A) $20 million. B) $40 million. C) $400 million. D) $2,000 million.
Which of the following is NOT one of the ways a budget surplus can be used?
A) to allow private saving to fall without any need for a decline in total investment B) to stimulate domestic investment C) to reduce foreign investment D) to increase the amount of borrowing from foreigners