Public goods are those that are consumed:
a. only by those who have paid for them
b. only by the government that provides them.
c. by the private group that funds them.
d. by the paying and nonpaying public alike.
d
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An increase in the price of oil ________ aggregate supply, shifting the aggregate supply curve ________ and potentially bringing the ________ phase of the business cycle
A) decreases; rightward; expansion B) increases; rightward; recession C) increases; rightward; expansion D) decreases; leftward; recession E) decreases; rightward; recession
If we knew that the price of goods rose, on average, by 5 percent last year and by 4 percent this year, we would know
a. nothing about the rate of inflation b. that the inflation rate is rising c. that the inflation rate is falling d. that we are in a stagflation e. that we are in a recession