Once a ________ good is produced, everyone consumes the same amount, ________ for different individuals.
A. private; but the willingness to pay will be different
B. public; but the willingness to pay will be different
C. public; and the willingness to pay will be the same
D. private; and the willingness to pay will be the same
Answer: B
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Assume a closed economy with fixed taxes and the marginal propensity to consume is equal to 0.9. What is the government spending multiplier?
A) 10 B) 9 C) 5 D) 1
Technological spillover ________
A) is made possible by the nonrivalry of ideas B) generates an increase in both capital and labor C) is caused by population growth D) is caused by population decline
Utility is maximized when the chosen bundle of goods satisfies the equimarginal rule and when the chosen bundle is on the budget line.
Answer the following statement true (T) or false (F)
The exports of the DVCs consist largely of:
A. high-technology goods. B. raw materials and farm products. C. manufactured goods. D. services and financial capital.