If people can be prevented from using a certain good, then that good is called
a. rival in consumption.
b. excludable.
c. a common resource.
d. a public good.
b
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If a 200 billion dollar increase in government spending occurs when the Fed seeks to maintain a fixed interest rate then
A) there is no crowding out, the LM curve shifts to offset the shift in the IS curve. B) there is no crowding out, the monetary policy is fixes as is the LM curve fixed. C) crowding out is assured since monetary policy is fixed. D) crowding out is assured since the Fed will accommodate the spending increases.
In 2010, personal consumption expenditures constituted ________ percent of nominal GDP
A) 70.6 B) 17 C) 18 D) -5.4
The marginal propensity to consume can best be described as:
A) consumption/income B) the impact of a change in income on GDP C) the change in income divided by the change in consumption D) the change in consumption divided by the change in income
In the 1960s, U.S. economy experienced
A. a substantial decline in real GDP but limited inflation. B. a substantial decline in real GDP coupled with significant inflation. C. substantial real GDP growth coupled with significant inflation. D. substantial real GDP growth with limited inflation.