The value of consumption at each level of disposable personal income, all other determinants of consumption unchanged, is shown by the:
a. aggregate dissaving curve.
b. consumption function.
c. investment schedule.
d. savings function.
b
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Which of the following statements best describes a production function?
A) the maximum profit generated from given levels of inputs B) the maximum level of output generated from given levels of inputs C) all levels of output that can be generated from given levels of inputs D) all levels of inputs that could produce a given level of output
The short-run aggregate supply curve slopes: a. downward because firms can sell more, and hence, will produce more when prices are lower
b. downward because firms find it costs less to purchase labor and other inputs when prices are lower and hence, they produce more. c. upward because firms normally can purchase some labor and other inputs at fixed costs for some period of time. d. upward because firms find that it costs more to purchase labor and other inputs when prices are higher and hence they must produce and sell more in order to make a profit.
Assume that business investment spending rises, and the increase is funded by greater borrowing in the capital markets. If the nation has low mobility international capital markets and a fixed exchange rate system, what happens to the real risk-free interest rate and monetary base in the context of the Three-Sector-Model? a. The real risk-free interest rate falls and monetary base falls
b. The real risk-free interest rate rises and monetary base falls. c. The real risk-free interest rate and monetary base remain the same. d. The real risk-free interest rate rises and monetary base rises. e. There is not enough information to determine what happens to these two macroeconomic variables.
Increased productivity in the agricultural sector in conjunction with an inelastic demand curve for agricultural goods has caused a(n) __________ in output, a(n) __________ in price, and __________ revenues for farmers
A) increase; decrease; higher B) increase; decrease; lower C) decrease; increase; higher D) decrease; increase; lower E) increase; increase; higher