Public parks and libraries are examples of
a. economic goods.
b. free goods.
c. intangible goods.
d. public goods.
d. public goods.
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Starting from a long-run equilibrium, a reduction in potential output leads to ________ gap in the short run and to a___ rate of inflation in the long run.
A. a recessionary; higher B. a recessionary; lower C. an expansionary; higher D. an expansionary; lower
Whether real seignorage revenue increases when the rate of money growth increases depends on whether
A) the rise in real money holdings outweighs the decline in inflation. B) the rise in inflation outweighs the decline in real money holdings. C) the rise in inflation ratio outweighs the decline in the real supply of currency. D) the rise in the real supply of currency outweighs the decline in inflation.
Monopolies exist for each of the following reasons, EXCEPT:
a. competitors are legally unable to challenge them. b. they have control over resources with very few good substitutes. c. it is sometimes inefficient to have competition in certain markets. d. it increases both producer and consumer surplus.
Marginal social cost equals marginal ________ cost plus marginal ________ cost, and reflects the true marginal cost to society of an additional unit of production
a. fixed; variable b. implicit; explicit c. labor; capital d. private; external