If it is difficult, or costly, to prevent people who do not pay for a good from consuming the good, then the good is a ________ good.
A. private
B. nonrival
C. nonexcludable
D. pure public
Answer: C
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
Firms can have a high degree of monopoly power and not be a perfect monopoly if they:
A. are the single producer of a product. B. control 80 to 90 percent of the market. C. have only a small number of competitors. D. intimidate the other businesses in the market.
What are automatic stabilizers?
a. Laws setting up responses to changes in the economy that Congress does not have to discuss and pass when the change occurs. b. Laws setting up responses to changes in the economy that Congress will discuss and vote on when the change occurs. c. Actions Congress takes when it has determined that laws should be passed to stimulate the economy. d. Actions Congress takes when it has determined that laws should be passed to contract the economy.
Under a gold standard, if the market price of gold is above the official price of gold (set by the monetary authority), people will be more likely to sell gold __________________, which will cause the money supply to _______________ and the price level.to _______________
A) to the monetary authority; fall; fall B) to the monetary authority; rise; rise C) in the gold market; fall; fall D) in the gold market; rise; rise