What type of good is clean air?
A) Rival and exclusive
B) Nonrival and exclusive
C) Rival and nonexclusive
D) Nonrival and nonexclusive
D
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A situation in which the quantity of bonds supplied exceeds the quantity of bonds demanded is called a condition of excess supply; because people want to sell ________ bonds than others want to buy, the price of bonds will ________
A) fewer; fall B) fewer; rise C) more; fall D) more; rise
Which of the following makes it more likely that a country will get caught in a vicious circle of debt financing, higher taxes, and sluggish growth?
a. Politicians like to raise taxes, but they are reluctant to spend on education, health care, and roads. b. High levels of debt will eventually lead to higher taxes just to pay the interest on the debt, but high taxes will slow economic growth. c. As outstanding debt increases, politicians will be reluctant to run budget deficits, which will cause the economy to slow. d. As outstanding debt increases, short-sighted politicians will want to run large budget surpluses in order to pay off the national debt quickly.
The rule of 70 estimates how long it will take a country to double its real GDP per capita by:
A. multiplying the average growth rate by 70 percent. B. dividing the current real GDP per capita by 70. C. dividing the average growth rate by 70. D. dividing 70 by the average growth rate.
A reduction in the rate of inflation would be
A. deflation. B. hyperinflation. C. disinflation. D. crawling inflation.