Suppose the government's initial debt is $400 billion. If for the next three years the government runs deficits of $150, $125, and $200 billion, the government's additional debt at the end of the three years will be

The income effect of a price increase causes a decrease in the quantity of a normal good demanded

Indicate whether the statement is true or false

Classify the following goods into public goods, private goods, club goods, or common resources with suitable reasons

a. Congested roads b. Education provided by a university