When an Australian citizen enjoys military protection in Australia without contributing to the cost of Australia's defense budget, then
A) this citizen is a free rider.
B) Australia is a free rider.
C) this citizen receives no benefits if Australia is attacked.
D) Australia's defense budget will run out of funds.
A
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When net exports equal zero, the economy is in macroeconomic equilibrium
Indicate whether the statement is true or false
For an inferior good, the income and substitution effects
A) work together. B) work against each other. C) can work together or in opposition to each other depending upon their relative magnitudes. D) always exactly cancel each other.
An economy that is operating below its full-employment capacity is experiencing:
a. Say's Law. b. unrealizable inflationary expectations. c. Keynesian aggregate demand. d. an inflationary gap. e. a recessionary gap.
If the government passed a law designating sea shells as money, sea shells
a. would not be legal tender b. would not function as money because they would be unable to serve as a unit of account c. would not function as money because they would be unable to serve as a means of payment d. would not function as money because they would be unable to serve as a store of wealth e. would function as money as long as they were accepted in exchange for goods and services