The most important determinant of the level of consumption is ______________.
Fill in the blank(s) with the appropriate word(s).
the level of disposable income
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(C + S + T) most closely approximates
A) personal income. B) personal disposable income. C) national income. D) net national product. E) gross national product.
Assume that beer is an inferior good. If the price of beer falls, then the substitution effect results in the person buying ________ of the good and the income effect results in the person buying ________ of the good
A) more, more B) more, less C) less, more D) less, less
Rational people make decisions "at the margin" by comparing ______
Fill in the blank(s) with correct word
A major advantage of the corporate form of business organization is the concept of limited liability.
Answer the following statement true (T) or false (F)