When a good is nonexcludable,
a. it is impossible or very costly to exclude nonpaying customers from receiving the good.
b. individuals will have an incentive to become free riders.
c. it will be difficult for a private firm producing the good to generate revenue sufficient to cover the cost of production.
d. all of the above are true.
D
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Using the Keynesian model, the effect of an increase in the effective tax rate on capital would be to cause ________ in the real interest rate and ________ in output in the short run
A) a decrease; a decrease B) a decrease; no change C) an increase; an increase D) no change; a decrease
The Employment Act of 1946 codified the federal government's commitment to
A) promote high employment consistent with price stability. B) promote high employment irrespective of the effects on price stability. C) guarantee a job to every unemployed person. D) fine companies that engage in excessive layoffs during recessions.
During the 2007-2009 financial crisis, the U.S. government decided that Lehman Brothers was not too big to fail and that AIG was too big to fail
a. True b. False Indicate whether the statement is true or false
Over the past century in the United States, real GDP per person has grown, on average, by about
a. 1 percent per year. b. 2 percent per year. c. 3 percent per year. d. 5 percent per year.