Autonomous expenditure is spending that is:
A. depends on the level of income in the economy.
B. that is determined by the government.
C. not sensitive to the level of income in the economy.
D. what is spent when income changes in the economy.
C. not sensitive to the level of income in the economy.
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Increases in the total real output of many DVCs do not increase the nation's standard of living because:
A. diminishing returns may be encountered in increasing total output. B. population increases may dissipate the increase in real output. C. disguised unemployment in agriculture will persist. D. surplus farm labor may move from rural areas to industrial areas, causing unemployment.
A person who is unemployed because of a mismatch between the person's skills and current employment requirements is experiencing
A) frictional unemployment. B) structural unemployment. C) cyclical unemployment. D) seasonal unemployment.
Why is the long-run average total cost (LRATC) curve called the planning curve?
One reason why purchasing power parity may not work perfectly is that some goods, because of their nature, are difficult to trade
a. True b. False