When consumption of a good is nonrival and nonexcludable, the good is a
A) public good.
B) private good.
C) mixed good.
D) service.
A
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To close an inflationary expenditure gap of $20 billion in an economy with a marginal propensity to consume of 0.8, it would be necessary to
A. decrease the aggregate expenditures schedule by $4 billion. B. decrease the aggregate expenditures schedule by $20 billion. C. increase the aggregate expenditures schedule by $4 billion. D. increase the aggregate expenditures schedule by $20 billion.
The concept of "the invisible hand" suggests that
A) products are produced out of a seller's sense of charity. B) when the seller is better off, the buyer is worse off. C) sellers exploit consumers with high prices. D) buyers and sellers are self-interested. E) the command system is the only way of efficiently allocating resources.
What is the relationship between the marginal product curve and the total product curve?
What will be an ideal response?
Suppose the natural rate of unemployment is 4 percent. What is the actual rate of unemployment if actual output is 2 percent below potential output?
A. 8 percent B. 5 percent C. 6 percent D. 3 percent