Real income is the purchasing power of nominal (money) income
a. True
b. False
Indicate whether the statement is true or false
True
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The ability of an owner of a piece of property to deny its use to others is labeled ________
A) excludability B) rivalry C) non-rivalry D) lugubrious
Refer to the graph shown. Area B represents:
A. the loss of surplus by consumers resulting from a monopoly. B. consumer surplus redistributed to the monopolist. C. the loss of surplus by producers resulting from a monopoly. D. the cost to society of increasing output from Qm to Qc.
The supply curve for land in the city of San Francisco is most likely
A. an upward sloping straight line. B. a downward sloping straight line. C. vertical or perfectly inelastic. D. horizontal or perfectly elastic.
What best defines active policy making?
A) taking action to offset a change in economic performance B) taking action to increase long-term economic growth C) taking action to make markets more competitive so as to improve efficiency D) taking action to make markets less competitive so as to improve equity