Which of the following displays these two characteristics: nonrivalry and nonexcludability in consumption?
A) public goods B) private goods
C) quasi-public goods D) common resources
A
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If real GDP increases we know for sure that
A) prices have risen but output has remained constant. B) output has risen. C) prices have remained constant. D) prices have risen.
In IS-LM analysis, the nominal interest rate is
A) purely a monetary phenomenon. B) purely a real phenomenon. C) both a monetary and a real phenomenon. D) neither a real nor a monetary phenomenon, but determined by government policy.
Suppose Canada can produce either 300 tons of paper or 200 HDTVs, and India can produce either 200 tons of paper or 100 HDTVs. The terms of trade between the two countries will lie between
A. 1/3 and 2/3 of an HDTV per ton of paper. B. 1/3 and 1/2 of an HDTV per ton of paper. C. 1/2 and 2/3 of an HDTV per ton of paper. D. 1/2 and 1 HDTV per ton of paper.
Which of the following would lessen the shortage?
a. decreasing the price ceiling
b. increasing the price ceiling
c. decreasing the equilibrium price
d. increasing the equilibrium price