Money is scarce, but resources are not.
Answer the following statement true (T) or false (F)
False
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Define the term rent. Explain why confiscation of rents would cause more than a simple transfer of income from resource owners to the government.
What will be an ideal response?
Which of the following is a legal barrier to entry?
i. public franchise
ii. government license
iii. patent
A) iii only
B) i and iii
C) ii and iii
D) i, ii, and iii
E) i and ii
If a fall in the price level made people feel richer and initially increased aggregate expenditures by 20, the AD curve would:
A. shift by less than 20. B. not shift at all. C. shift by exactly 20. D. shift by more than 20.
In the data, which of the following is most volatile?
A) real GDP B) consumption of durables C) consumption of nondurables D) consumption of services