Rent-seeking behavior, unlike profit-maximizing behavior in competitive markets, wastes society's scarce resources
Indicate whether the statement is true or false
TRUE
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If the GDP deflator is less than 100 in 2013, then nominal GDP ________ real GDP in 2013
A) is less than B) is greater than C) is equal to D) may be greater than or less than
If one person's consumption of a good does not preclude another's consumption, the good is said to be:
A. nonrival in consumption. B. rival in consumption. C. nonexcludable. D. excludable.
The presence of externalities favors ________ and the presence of other distortionary taxes favors ________.
A. nonneutral taxes; neutral taxes B. neutral taxes; nonneutral taxes C. nonneutral taxes; nonneutral taxes D. neutral taxes; neutral taxes
Explain the economic impact of an increase in the multiplier.
What will be an ideal response?