Refer to the information provided in Table 22.2 below to answer the question(s) that follow. Table 22.2 PointAggregate Income (Y)Aggregate Consumption (C) A 10 14 B 20 23 C 30 25 D 40 26 E 50 34 F 60 39The data in the table was used to estimate the following consumption function: C = 12 + 0.4YRefer to Table 22.2. Which of the following points is (are) the best fit for the given consumption function?
A. A and D
B. B and F
C. C
D. E
Answer: C
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Indicate whether the statement is true or false
The price of an exhaustible resource sold in a perfectly competitive market in which technology and consumer preferences do not change over time will tend to
A. stay constant over time. B. always equal the price of the closest substitute for that resource. C. fall over time. D. rise over time.
Public choice economists contend public bureaucracies are inefficient primarily because:
A. the value of public goods is more easily measured than is the value of private goods. B. of the absence of competitive market pressures. C. public sector workers are more security-conscious than are private sector workers. D. relatively low pay in government attracts workers of lesser quality.
All of the following are financial institutions that accept deposits and make loans to people and businesses EXCEPT
A) central banks. B) savings and loans. C) savings banks. D) commercial banks. E) credit unions.