Consumer spending
A. Is affected by consumer confidence.
B. Is the smallest spending component.
C. Is the same as autonomous saving.
D. Impacts the aggregate supply curve.
Answer: A
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Answer the following statement(s) true (T) or false (F)
1. Diminishing marginal returns is basically the same concept as decreasing returns to scale.. 2. The unit isoquant represents all possible ways of producing one unit. 3. If the wage and rental rates are $10 and $50 per hour respectively and an additional worker could produce 100 units of output in an hour, then an extra unit of capital could produce 500 units of output in an hour. 4. If the marginal product of labor is currently 40 units per hour and the marginal product of capital is currently 20 units per hour, then workers must be getting paid twice as much as capital per hour. 5. If all inputs are variable in the long run, then there cannot be decreasing returns to scale. But if some inputs remain fixed in the long run, then decreasing returns to scale can occur.
In a competitive industry where different firms have different cost structures, the industry supply curve is:
A) upward sloping. B) downward sloping. C) vertical. D) horizontal.
The U.S. has a higher infant mortality rate than other developed countries. This is most likely a result of
a. poor medical care. b. poverty. c. poor access to medical care. d. the cause or causes are unknown. e. both b and c are true.
Economic growth most likely occurs when
A. a society learns to produce more using existing resources. B. a society moves inside its production possibility frontier. C. the society begins to produce the combination of goods society wants most. D. a society moves along its production possibilities frontier.