The relationship between consumption and disposable income is very unreliable and unpredictable.
Answer the following statement true (T) or false (F)
False
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The short run is best defined as:
A. a period of time sufficiently short that at least one factor of production is fixed. B. one year or less. C. the period of time between quarterly accounting reports. D. a period of time sufficiently short that all factors of production are variable.
Consumers often base their spending on their estimated permanent income.
Answer the following statement true (T) or false (F)
Refer to the data. If year 3 is chosen as the base year, the price index for year 1 is:
Assume an economy that makes only one product and that year 3 is the base year. Output and price data for a five-year period are as follows. Answer the question on the basis of these data.
A. 140.
B. 40.
C. 167.
D. 60.
Which of the following is true of a first-price sealed-bid auction?
A) Bidders directly compete with each other. B) Bidders place their bids simultaneously. C) Bidders know each other's bids. D) Bidders always bid below their willingness to pay.