The two characteristics of a public good are:
a. Non-rival and inelastic
b. Non-exclusive and non-priced
c. Non-rival and non-priced
d. Non-exclusive and inelastic
e. Non-rival and non-exclusive
Answer: e. Non-rival and non-exclusive
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A Major League Baseball player signs a contract that pays $27 million over 5 years. The $27 million is the contract's ________ value
A) real B) implicit C) nominal D) external
If an economy is in a liquidity trap, then the nominal interest rate is ________ and the only effective policy that can be used to stimulate the economy is ________
A) zero or negative; expansionary fiscal policy B) zero or negative; expansionary monetary policy C) high and rising; contractionary monetary policy D) high and rising; expansionary monetary policy E) high and rising; expansionary fiscal policy
Monetary and price instability will
What will be an ideal response?
The table below shows the units of land and labor required to produce a unit of bread and cheese respectively in Country X. If Country X is a relatively land-abundant country, the opening up of free trade would cause the price of bread relative to cheese to 1 Unit of Bread1 Unit of CheeseLabor Input5 units20 unitsLand Input4 units10 units
A. initially rise but fall afterward. B. fall. C. stay the same. D. rise.