Under which of the following scenarios would a park be considered a club good?
a. Visitors to the park must pay an admittance fee, but there are always plenty of empty picnic tables.
b. Visitors to the park must pay an admittance fee and frequently all of the picnic tables are in use.
c. Visitors can enter the park free of charge and there are always plenty of empty picnic tables.
d. Visitors can enter the park free of charge, but frequently all of the picnic tables are in use.
a
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Suppose that we interpret N as the "effective" labor supply. A "labor-augmenting" technological improvement, when graphed in the Solow growth model, causes (Y/N) to ________ and real GDP per person to ________
A) rise, rise B) rise, fall C) fall, rise D) fall, fall E) fall, remain unchanged
Which of the following would cause stagflation?
a. rising government expenditures b. rising oil prices c. a falling money supply d. technical progress