A free rider is a person who ________
A) can produce a good at a very low cost
B) only consumes products provided by the government
C) receives the benefit of a good without paying for it
D) purchases products available for discounts
C
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Suppose real money demand is 1000, real output is 6000, and the price level is 200. What is the level of velocity in this economy?
A) 2 B) 3 C) 6 D) 12
In the Keynesian model in the long run, an increase in the money supply will raise
A) the price level but not the level of output. B) the level of output but not the price level. C) both the level of output and the price level. D) neither the level of output nor the price level.
The substitution of one good for another by consumers:
A. due to price changes is captured by the CPI. B. due to changes in tastes/preferences is captured by the CPI. C. is captured by the CPI. D. is not captured by the CPI.
Which of the following tends to make the size of a shift in aggregate demand resulting from a tax change smaller than would otherwise be the case?
a. the multiplier effect b. the crowding-out effect c. expansionary monetary policy d. None of the above is correct.