According to Keynes, an individual's level of saving is primarily determined by
A. real Gross Domestic Product (GDP) for the economy.
B. the interest rate.
C. the individual's expectation about the stock market.
D. the individual's current level of real disposable income.
Answer: D
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An example of a consumption tax is
A) an income tax. B) transfer payments. C) the Social Security tax. D) a sales tax.
If the inflation rate turns out to be greater than was is expected to be, the clear winners are
A. businesses. B. people on fixed incomes. C. lenders. D. borrowers.
If fixed cost is $8,000, variable cost is $5,000 at an output of 2 and $9,000 at an output of 3, how much is marginal cost at an output of 3?
A. $3,000 B. $4,000 C. $5,000 D. $8,000
The demand for food will likely be price ________ while the demand for Brand X Burger will likely be price ________.
A. inelastic; inelastic B. elastic; elastic C. inelastic; elastic D. elastic; inelastic