That part of disposable income not spent on consumption is:
a. saved.
b. invested.
c. wasted.
d. borrowed.
a
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A change in income will
a. affect the demand for candy through the income effect of a price change b. affect the quantity demanded of candy through the income effect of a price change c. shift the demand curve for candy d. have no effect on the demand for candy, because income is assumed constant along a demand curve e. affect quantity demanded only if candy is a normal good
The size of the spending multiplier depends on the level of real GDP
a. True b. False Indicate whether the statement is true or false
A. tendency for policies with high short-run benefits to have high long-run costs. B. fallacy that what is true for the short run must be true for the long run. C. tendency to regularly misjudge in the present what you will do in the future. D.
tendency to misjudge how long it will take to accomplish a future task. A. Time inconsistency. B. Availability heuristic. C. Self-serving bias. D. System 2 processes dominating decision making.
The annual global revenue of Walmart in 2010 was $405 billion, which was greater than the national incomes of all but _________ nations in the world.
A. 10 B. 23 C. 46 D. 35