A public good is one that is supplied to
a. only people who pay for it
b. only people who do not pay for it
c. all people, regardless of whether they pay or not
d. the government from private firms
e. foreign governments from our federal government
C
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Bottles of Coca-Cola and equally-sized bottles of Pepsi Cola are perfect substitutes for a consumer, but a bottle of Coke costs 10 cents less than bottles of Pepsi. The income effect of a 15 cent increase in the price of Pepsi will be for the consumer to drink less cola.
Answer the following statement true (T) or false (F)
One reason that the aggregate demand curve has a negative slope is that when the domestic price level rises,
A) firms produce more goods and services. B) firms produce fewer goods and services. C) people substitute toward more imported goods and services. D) peoples' wealth increases.
A higher discount rate generally decreases excess reserves
a. True b. False Indicate whether the statement is true or false
Microeconomics is the study of
A) how households and firms make choices. B) the economy as a whole. C) the global economy. D) topics such as unemployment, inflation, and economic growth.