For many consumption activities — skiing, for example — the activity becomes more enjoyable as the consumer becomes more experienced
Assuming that "training consumption" is inexpensive relative to "proficient consumption," do such activities make it more or less likely that a borrowing constraint will be binding?
Such activities encourage a shift of consumption into the future. The decrease in current consumption makes a binding borrowing constraint less likely.
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Copyrights, which grant special privileges to artists, musicians, and writers
A) destroy property rights. B) expand property rights. C) neither destroy nor expand property rights because they are part of the Bill of Rights. D) both destroy and expand property rights.
Intertemporal decisions involve economic decisions
A) made within a given period of time. B) made in between two periods of time. C) involving trade-offs across periods of time. D) that ignore concerns about the future.
If the quantity demanded for labor is more than the quantity supplied, there will be unemployment
a. True b. False Indicate whether the statement is true or false
Which of the following statements about the real goods market is not true?
a. Among the most important factors influencing the shape of the aggregate supply curve is the nation's rate of resource utilization. b. Among the key indicators that provide clues about where a nation is on its aggregate supply curve is the unemployment rate. c. If the nation were near the Keynesian range, a strong increase in real GDP would be accompanied by relatively weak rise in the price index. d. In the Classical range, a significant increase in real GDP is accompanied by a relatively small increase in the price index. e. All of the above are true.