The cost that does not change as output changes is
A) total fixed cost.
B) average fixed cost.
C) total variable cost.
D) average variable cost.
E) marginal cost.
A
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In the Keynesian cross diagram, an increase in autonomous consumer expenditure causes the aggregate demand function to shift ________, the equilibrium level of aggregate output to rise, and the IS curve to shift to the ________,
everything else held constant. A) up; left B) up; right C) down; left D) down; right
If per capita output falls by 2 percent and population grows by 3 percent, output:
A. grows by 5 percent. B. falls by 5 percent. C. grows by 1 percent. D. falls by 1 percent.
Which is regarded as an automatic stabilizer in the economy?
A. Exchange rates B. Interest rates C. The inflation rate D. The progressive income tax
Which of the following would best be a brief definition of present value?
A. Assets minus liabilities incurred to acquire the assets B. Benefits of an minus its costs C. The sum of all the past values of an asset D. The current value of the expected future returns on an asset