Milton Friedman in his book on consumption function, discussed the importance of _____, rather than _____, to understand consumer spending
a. savings; expenditure
b. permanent income; current income
c. money supply; real output
d. wages; savings
e. real output; prices
b
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Fixed costs of production in the short run
A. are low in proportion to variable costs in the short run. B. are a function of the level of variable costs. C. increase as the firm produces more output. D. cannot be reduced by producing less output.
Refer to the scenario above. A firm producing Good Y will continue production in the short run if total revenue exceeds ________
A) $25,000 B) $60,000 C) $85,000 D) $35,000
In the 1965 to 1973 period, U.S. policymakers ________
A) targeted an unemployment rate that, in hindsight, was likely too low B) pursued an easing of monetary policy designed to increase aggregate demand C) made some mistakes that led to the most sustained inflationary episode in U.S. history D) all of the above E) none of the above
The ____ is the fraction of each additional dollar of income that is paid in taxes
a. deferred tax rate b. cumulative tax rate c. average tax rate d. marginal tax rate