If you see a movie at a theater, the movie is:
A. an excludable good/service but nonrival in consumption.
B. an excludable good/service and rival in consumption.
C. a non-excludable good/service but rival in consumption.
D. a non-excludable good/service and nonrival.
Answer: A
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If an economy is in a liquidity trap, then the nominal interest rate is ________ and the only effective policy that can be used to stimulate the economy is ________
A) zero or negative; expansionary fiscal policy B) zero or negative; expansionary monetary policy C) high and rising; contractionary monetary policy D) high and rising; expansionary monetary policy E) high and rising; expansionary fiscal policy
Suppose the real exchange rate is 10, the domestic price level is 8, and the foreign price level is 4
(a) What is the nominal exchange rate? (b) Suppose the real exchange rate rises by 10%, the inflation rate in the domestic country is 6%, and the inflation rate in the foreign country is 4%. By what percentage does the nominal exchange rate change? (c) Suppose the nominal exchange rate rises by 5%, the real exchange rate rises by 8%, and domestic inflation is 3%. What is the foreign inflation rate?
Given the information in Scenario 14.1, how much labor will be hired to maximize profit?
A) 1/16 B) 1/2 C) 1 D) 4
False advertising ________ likely to be successful with newly built vacation rental homes on a remote island because the rental homes are a(n) ________ good.
A) is; credence B) is not; experience C) is; experience D) is not; credence