A nation's capital stock is increased by increases in
a. consumption spending.
b. government spending.
c. investment spending.
d. net exports.
c
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The cross elasticity of demand is a measure of how
A) responsive consumers are to changes in the price of a product. B) responsive suppliers are to changes in the price of a product. C) demand for a product changes when the price of a substitute or complement changes. D) total revenue changes when the price of a product changes. E) demand for a product changes when income changes.
Laws that set maximum legal interest rates are called _____.
Fill in the blank(s) with the appropriate word(s).
Marginal utility is measured as
A) utility per unit of production. B) additional output divided by additional utility. C) output of a good or service divided by price. D) additional utility from each additional good consumed.
Consider the following data below which describe the relationship between income and a tax. The tax may be best described as:
A. Regressive at lower income levels and progressive at higher income levels
B. Regressive at lower income levels and proportional at higher income levels
C. Proportional at lower income levels and regressive at higher income levels
D. Proportional at lower income levels and progressive at higher income levels