There is only a small difference in wages between college graduates and workers who did not attend college.
Answer the following statement true (T) or false (F)
False
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Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
The average propensity to consume is the
A) percentage of total disposable income consumed. B) ratio of changes in planned consumption to changes in real disposable income. C) rate at which real disposable income changes as planned consumption changes. D) slope of the consumption function.
Imagine an economy that does not have international trade and is initially in equilibrium. Later the government increases the level of spending by $350 million because it received a gift from abroad. In this economy, only 65 cents of every dollar is spent, and the rest is saved. The new equilibrium level of GDP for the economy will be higher by approximately:
a. $1 billion. b. $350 million. c. $65 million. d. $227.5 million. e. $227.5 million.
If your demand for renting videos is Q = 5 ? 2P, should you purchase the annual membership from a video store that charges $0.5 per rental, plus an annual membership fee of $12?
A. Probably yes B. Definitely yes C. Cannot be decided D. Definitely no