The short-run aggregate supply curve slopes upward as a result of the real balance effect, the interest rate effect, and the international trade effect
Indicate whether the statement is true or false
False
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Which of the following statements is TRUE about the difference between a public and private good?
A) Both public and private goods are owned by individuals but public goods can be shared while private goods cannot be shared. B) The government produces private goods while corporations produce public goods. C) Consumption of a private good by one person reduces the amount available for others while the consumption of a public good does not reduce the amount available for others. D) Resources are used to produce private goods but are not used to produce public goods.
Which of the following can lead to permanent differentials in resource prices?
a. an increase in demand for a product produced by the resource b. differences in the inherent quality of resources c. differences in the time and money involved in developing necessary skills d. differences in the nonmonetary rewards of a job e. a lack of resource mobility
Recessions
a. almost never occur in the American economy. b. follow a regular and predictable cycle. c. are common features of the American economy. d. have been abolished by wise macroeconomic policy.
What do we mean when we say that a good is rival in consumption?