Which statement is true?
A. At high levels of disposable income, induced consumption is zero.
B. At low levels of disposable income, induced consumption will be greater than autonomous consumption.
C. Autonomous consumption will generally equal induced consumption.
D. None of these statements is true.
D. None of these statements is true.
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The ________ the price level, the ________
A) higher; smaller the supply of money B) higher; greater the demand for money C) higher; greater the supply of money D) lower; greater the demand for money E) higher; smaller the demand for money
The above table shows the tons of steel and concrete that can be produced by the United States and France in an hour. From the data in the table
A) France has a comparative advantage in the production of concrete. B) the United States has a comparative advantage in the production of concrete. C) France has an absolute advantage in the production of concrete. D) the United States has a comparative advantage in the production of both goods.
All of the following are examples of oligopolistic markets except
A) seafood restaurant chains. B) the broadcasting industry. C) college bookstores. D) aircraft manufacture.
For allocative efficiency to hold
A) average total cost is minimized in production. B) average variable cost is minimized in production. C) price must equal the marginal cost of the last unit produced. D) price must equal marginal revenue of the last unit sold.