Who makes decisions and trade-offs in the face of scarce resources?
A. Governments
B. Individuals
C. Businesses
D. All of these are correct.
Answer: D
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If national income is $100 billion, and MPC = 0.75, then autonomous consumption is ________ and MPS is ___________
a. $25 billion; 0.25 b. $75 billion; 0.75 c. unknown; 1.25 d. unknown; 0.25 e. $75 billion; 0.25
Average total cost equals
A. TC/Q. B. TVC/Q. C. TFC/Q. D. change in total cost/change in output.
The type of tax receipts that has shown the slowest growth since World War II has been
A. personal taxes. B. contributions for social insurance. C. taxes on production and imports. D. corporate taxes.
From 1950 to 2011, the ratio of real GDP to energy consumption in the United States has been:
A. Relatively constant B. Slowly decreasing C. Decreasing steeply D. Rising significantly