Refer to the information provided in Table 22.3 below to answer the question(s) that follow. Table 22.3 PointAggregate Income (Y)Aggregate Consumption (C) A 15 19 B 30 23 C 45 27 D 60 31 E 75 35 F 90 39The data in the table was used to estimate the following consumption function: C = 20 + 0.2YRefer to Table 22.3. The error for point B is equal to
A. -3.
B. -1.
C. +1.
D. +3.
Answer: D
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In cases of natural monopolies, society would be better off with many firms competing with each other
a. True b. False Indicate whether the statement is true or false
The delivery of first-class mail by the U.S. Postal Service is an example of
A) a monopoly. B) perfect competition because consumers have access to other methods of written communication; for example, email and text messaging. C) monopolistic competition, because mail delivery is a differentiated product provided by many firms. D) an oligopoly because a few other firms provide delivery of letters and packages.
The existence of multiple federal bank regulatory authorities has been permitted to continue because
A) the regulators coordinate their activities well enough to avoid differences. B) different types of banks require different kinds of regulation. C) many regulatory authorities are necessary to insure the safety of depositor's funds. D) the legislative will to replace the current regulatory system has been lacking.
Which of the following economic measures is most useful in comparing different economies across the world?
a. Aggregate supply b. Total unemployment c. Gross domestic product d. Net national product e. Aggregate expenditure