Explain which of the following items are not consumption goods and services:
What will be an ideal response?
• A chocolate bar
A chocolate bar is a consumption good.
• A ski lift
A ski lift is not a consumption good. It is capital that produces a service for skiers.
• A golf ball
A golf ball is a consumption good.
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Imagine that encryption and related technologies become so advanced that the knowledge produced by research and development are as excludable as any other good, while technology remains nonrival
In a world in which technology is both nonrival and excludable, do the government policies of government spending on R&D, tax incentives for R&D, and patents continue to make sense?
According to the National Bureau of Economic Research, the "two most reliable comprehensive estimates of aggregate domestic production" are ________ when dating the beginning and ending of recessions
A) the level of employment and monthly payroll data B) industrial production and wholesale and retail sales C) gross domestic product and gross domestic income D) real manufacturing production and the natural rate of unemployment
What are the marginal propensity to consume and level of autonomous consumption spending for a consumption function of the following form: C = 1,200 + 0.5DI?
a. The marginal propensity to consume is 0.5; autonomous consumption spending is $0.50. b. The marginal propensity to consume is 0.5; autonomous consumption spending is $1,200. c. The marginal propensity to consume is 1,200; autonomous consumption spending is $0.50. d. The marginal propensity to consume is 1,200; autonomous consumption spending is $600. e. There is insufficient information to answer this.
Suppose fishermen go fishing at a fishery that has no property rights (meaning any fishermen could fish as she liked). The marginal cost of a fishing boat is constant at $100, and the price for each pound of fish sells at $1. Further, assume the relation between the number of vessels and the total catch is given by the following table: Each boat that goes out get an equal share of all the fish caught and there are 8 boats possible. 
If the fishery was own collectively by all the fishermen, how many boats would be sent out fishing?
A. 8 B. 0 C. 7 D. 6