A nonexcludable public good is
A) rivalrous in consumption and nonexcludable
B) nonrivalrous in consumption and excludable
C) nonrivalrous in consumption and nonexcludable
D) rivalrous in consumption and excludable
E) none of the above
C
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An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
Refer to the information provided in Figure 28.7 below to answer the question(s) that follow.
Figure 28.7Refer to Figure 28.7. If the economy is at Point A, a sudden decrease in the price of oil without any change in the aggregate demand shifts the short-run Phillips curve (SRPC) from
A. SRPC3 to SRPC1. B. SRPC1 to SRPC2. C. SRPC2 to SRPC1. D. SRPC1 to SRPC3.