Goods that are both excludable and rival are referred to as _____
a. common resources
b. natural resources
c. public goods
d. private goods
d
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
At the time of the South Korean financial crisis, the government allowed many chaebol owned finance companies to convert to merchant banks. Finance companies ________ allowed to borrow abroad and merchant banks ________
A) were not; could borrow abroad B) were not; could not borrow abroad C) were; could borrow abroad D) were; could not borrow abroad
If a hospital is experiencing economies of scale,
a. its average cost curve is positively sloped as output increases. b. its average cost curve is negatively sloped as output increases. c. it should reduce its output level to lower costs. d. quality is falling as output is rising. e. both b and c are true.
Assume that between 1999 and 2009 nominal GDP increased from $7 trillion to $12 trillion and that the GDP deflator rose from 100 to 150 . Which of the following expresses GDP for 2009 in terms of 1999 prices?
a. $7.5 trillion b. $8.0 trillion c. $9.0 trillion d. $18.0 trillion