Are common resources excludable? Are they rival in consumption?
No, common resources are not excludable. Yes, they are rival in consumption.
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Twenty years ago a stove cost $300 and a refrigerator cost $1,500. Today a stove costs $600, while a refrigerator costs $1,800. Which of the following statements is TRUE?
A) The relative price of stoves and refrigerators has not changed. B) The relative price of a refrigerator has increased. C) The relative price of a stove has increased. D) The money price of a refrigerator has fallen.
Why is it true that exchange rates tend to be equal worldwide? Briefly explain
What will be an ideal response?
Suppose exports and imports both rise by $1. GDP
A) rises by $2. B) rises by $1. C) remains unchanged. D) falls by $1. E) falls by $2.
Which of the following describes the relationship between the actual federal funds rate and that suggested by Taylor's rule following the recovery from the 2001 recession?
A) The federal funds rate was above that suggested by Taylor's rule. B) The federal funds rate was below that suggested by Taylor's rule. C) The federal funds rate was about equal to that suggested by Taylor's rule. D) There was not a clear relationship between the federal funds rate and that suggested by Taylor's rule.