The relationship between consumption and disposable income is the:
a. spending function.
b. consumption function.
c. autonomous consumption.
d. household consumer spending
e. household spending function.
b
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Which of the following statements is correct? a. To control the money supply, the Fed relies primarily on the reserve requirement
b. The discount rate is the rate of interest banks charge to their best customers. c. The Fed changes the reserve requirement frequently. d. Because the Fed has no way to earn income, it is dependent upon Congress for appropriations. e. Banks can turn a borrower's IOU into money.
Assuming that bus travel is an inferior good, an increase in consumer income, other things being equal, will cause a(n):
a. upward movement along the demand curve for bus travel. b. downward movement along the demand curve for bus travel. c. rightward shift in the demand curve for bus travel. d. leftward shift in the demand curve for bus travel.
Among the following pairs, which is likely to have the greatest price elasticity of demand? Why?
a. cars or Toyotas b. electricity usage during a month or during a year c. cable television or an apartment rental
A union of all workers from a particular industry is a(n)
A) craft union. B) conglomerate union. C) industrial union. D) expansive union.