Because it is
a. excludable but not rival in consumption, a sweatshirt is a club good.
b. rival in consumption but not excludable, a sweatshirt is a club good.
c. both excludable and rival in consumption, a sweatshirt is a private good.
d. neither excludable nor rival in consumption, a sweatshirt is a public good.
c
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A change in which of the following variables will have no direct effect on the level of domestic demand?
A) domestic income B) the real exchange rate C) government spending D) the interest rate (r) E) none of the above
Which of the following statements accurately characterizes American trade during the Revolutionary War?
a. The American colonies actively traded with France, Holland and Spain until 1778, when trade was hampered by British blockades. b. British blockades hampered the trade activities of first Northern and later Southern ports. c. American trade remained below pre-war levels. d. Decreases in imports led to increases in domestic production of textiles, beer and other products. e. Both b and c are correct.