A good that is consumed by a single person or household is:
A. rival.
B. nonrival.
C. excludable.
D. nonexcludable.
Answer: A
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When MSC > MPC there are detrimental externalities
a. True b. False Indicate whether the statement is true or false
In 2001, Congress and President Bush instituted tax cuts. According to the short-run Phillips curve, in the short run this change should have
a. reduced inflation and unemployment. b. raised inflation and unemployment. c. reduce inflation and raised unemployment. d. raised inflation and reduced unemployment.
Stagflation is the result of
A. A decrease in aggregate supply. B. A decrease in aggregate demand. C. An increase in aggregate supply. D. An increase in aggregate demand.
A disadvantage of the partnership form of business organization is
A) its limited access to capital. B) its limited liability. C) that it can issue only one class of stock. D) that the owners must fight a lot of red tape to form the firm.