Laissez-faire refers to a situation in which there is ____ with the workings of the market system.
A. zero consumer involvement
B. zero government interference
C. minimal government interference
D. complete government interference
Answer: C
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Refer to Figure 3-1. An increase in the price of the product would be represented by a movement from
A) A to B. B) B to A. C) D1 to D2. D) D2 to D1.
Other things being equal, an increase in wages paid to workers in firms making digital devices will cause
A) the quantity of digital devices demanded to increase. B) the quantity of digital devices supplied to decrease. C) the supply of digital devices to decrease. D) the demand for digital devices to decrease.
Which of the following is not another way of describing the marginal propensity to consume?
a. MPC b. The slope of the consumption function c. The change in real consumption spending divided by the change in real disposable income d. The amount by which real consumption spending rises when real disposable income increases by one dollar e. Autonomous consumption spending
When a price index moves from 105 to 108, the rate of inflation is 3 percent
a. True b. False Indicate whether the statement is true or false