Which of the following would most likely be a private good?
A) a Mariah Carey CD
B) Sirius Satellite Radio is accessed through a subscription.
C) Michigan Radio is the state's most listened-to public radio service.
D) iTunes sells songs through their website.
A
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Figure 10-5
In Figure 10-5, which graph best illustrates the situation of an economy reacting to a recessionary gap by reducing resource cost levels?
a.
(1)
b.
(2)
c.
(3)
d.
(4)
If the relative price of one product rises and labor is mobile, then:
a. the percentage increase in the equilibrium real wage will be exactly the same as the percentage increase in the relative price. b. the percentage increase in the equilibrium real wage will be lower than the percentage increase in the relative price. c. the percentage increase in the equilibrium real wage will be higher than the percentage increase in the relative price. d. the equilibrium real wage will not change.
A consumer should increase his/her consumption of good Y relative to good X if:
A. the marginal benefit per dollar spent on good X is greater than the marginal benefit per dollar spent on good Y. B. the marginal benefit per dollar spent on good X is smaller than the marginal benefit per dollar spent on good Y. C. the marginal benefit per dollar spent on good X is the same as the marginal benefit per dollar spent on good Y. D. None of these
Actions on the part of monetary and fiscal policymakers that are undertaken in response to some change in the overall economy are known as
A. active policymaking. B. nondiscretionary policymaking. C. creative policymaking. D. passive policymaking.