Which characteristic of a pure public good is linked to poorly-defined property rights? Explain your answer
What will be an ideal response?
The nonexcludable nature of pure public goods is linked to poorly-defined property rights, because no property rights are required to be able to enjoy the benefits of a nonexcludable good.
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If short-run equilibrium output equals 20,000 and full employment equals 25,000, then this economy has a(n)
A. employment gap. B. inflationary gap. C. demand gap. D. recessionary gap.
A change in the price of a good causes
A) an increase in supply. B) a decrease in supply. C) an increase in demand and a decrease in supply. D) a change in quantity supplied.
Which of the following is NOT a role of Federal Reserve Banks?
A) conduct discount lending B) serve on the FOMC C) set the interest rate on reserves D) manage check clearing in the banking system
The quantity at which quantity demanded and quantity supplied are equal for a certain price level is known as
a. equilibrium price. b. equilibrium quantity. c. equilibrium rate. d. equilibrium level.