The Great Recession of 2007-2009 altered the prior behavior of consumers in the economy by:
A. Shifting the consumption schedule up
B. Shifting the consumption schedule down
C. Shifting the saving schedule down
D. Moving the economy down along a stable consumption schedule
B. Shifting the consumption schedule down
You might also like to view...
Differences in marginal revenue products are the most important factor in explaining wage differences. Other factors that explain wage differences include all but one of the following. Which factor does not help explain differences in wages?
A) discrimination B) labor unions C) compensating differentials D) cognitive differentials
In the Keynesian model, an increase in real autonomous spending results in a greater increase in real Gross Domestic Product (GDP) if
A) the marginal propensity to consume (MPC) is lower. B) the marginal propensity to consume (MPC) is higher. C) the average propensity to save (APS) is higher. D) the average propensity to save (APS) is lower.
On which of the following types of unemployment do macroeconomic tools have the greatest effect?
a. Cyclical unemployment. b. All the above. c. Structural unemployment. d. None of the above e. Seasonal unemployment.
Charlie is willing to pay $10 for a T-shirt that is priced at $9. If Charlie buys the T-shirt, then his consumer surplus is
A. $19. B. $0.90. C. $90. D. $1.