Private goods are those for which consumption is
A) rival and excludable.
B) rival and nonexcludable.
C) nonrival and excludable.
D) nonrival and nonexcludable.
A
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The narrowest official definition of the money supply is
A) M1. B) M2. C) M3. D) L.
In the modern Keynesian model, velocity
a. varies positively with the level of the interest rate but not with income. b. varies positively with the level of the interest rate and with income. c. is constant. d. varies in the short run but is constant in the long run. e. none of the above
The basic difference between macroeconomics and microeconomics is that: a. microeconomics looks at aggregate markets while macroeconomics is concerned with individual markets. b. macroeconomics is concerned with policy decisions while microeconomics applies only to theory
c. microeconomics is concerned with individual markets while macroeconomics is concerned with aggregate markets. d. macroeconomics is concerned with positive economics while microeconomics is concerned with normative economics.
A necessary condition for a money economy to be self-regulating is that
A) wages must be flexible in an upward direction, but not in a downward direction. B) the economy must always be operating on its institutional production possibilities frontier. C) wages must be flexible in a downward direction, but not in an upward direction. D) interest rates must be flexible in the credit market. E) none of the above