The consumption function has two components: (1) autonomous consumption and (2)
a. fixed consumption
b. consumption that varies with income
c. transitory consumption
d. permanent consumption
e. consumption that varies with saving
B
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The social insurance provided by the government is insurance against
a. floods, hurricanes, and other natural disasters b. loss of funds in private pension programs c. sizable income losses when people retire or when they become disabled or unemployed d. loss of value of stocks and bonds when corporations go bankrupt e. loss of funds in private pension plans, retirement annuities, and unemployment
A minimum wage that is set above a market's equilibrium wage will result in an excess
a. demand for labor, that is, unemployment. b. demand for labor, that is, a shortage of workers. c. supply of labor, that is, unemployment. d. supply of labor, that is, a shortage of workers.
Which group is most likely to be adversely affected by the importation of foreign steel?
A. Domestic steelworkers. B. Foreign steel producers. C. Consumers of domestic automobiles for which steel is an input. D. Domestic automobile workers.
Cyclical deficits generally increase during recessions.
Answer the following statement true (T) or false (F)