Given the equation C = $1,500 + .70($3,000),
A) Marginal propensity to save is .30. B) Autonomous consumption is $1,500.
C) Consumption is equal to $3,600. D) All of the above.
Answer: D
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A graph showing the values of an economic variable for different groups in a population at a point in time is called a
A) cross-section graph. B) time-series graph. C) scatter diagram. D) Venn diagram. E) None of the above answers is correct.
All of the following are typically considered procyclical variables except
A) the inflation rate. B) investment expenditures. C) the unemployment rate. D) expenditures on durable goods.
The additional revenue a firm obtains when it hires an additional worker (holding other inputs constant) is the
A) marginal revenue product (MRP) of labor. B) total factor cost (TFC) per worker. C) general rule for hiring. D) marginal physical product (MPP) of labor.
How does the government carry out income redistribution?
What will be an ideal response?