What is the meaning of “a defective telescopic faculty,” as described by A. C. Pigou?
A. Persons are unable to plan rationally for consumption.
B. Persons zero in on something and cannot consider alternatives.
C. Persons seek long-term goals and ignore present problems.
D. Persons are unable to give adequate weight to the future.
Answer: D
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The total production within an economy is measured as
A) Total Domestic Output. B) Total Annual Output. C) Annual Production Value. D) Gross Domestic Product. E) Gross Home Product.
What is meant by capital stock?
What will be an ideal response?
If the average propensity to consume is initially 0.8, the marginal propensity to consume is 0.75, and real disposable income increases by $1000, the new value of saving is
A) $200. B) $250. C) $800. D) $750.
The Board of Governors consists of ________ governors appointed for staggered ________ terms.
A. 7; 14-year B. 7; 12-year C. 5; 14-year D. 5; 12-year