Which of the following shows the relationship between national income (GDP) and total spending?
A. Demand schedule
B. Consumption curve
C. Expenditure schedule
D. Balance schedule
Answer: C
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What effect did the decrease in the value of the dollar have on the U.S. trade deficit in the period from 2006 to 2009?
a. It decreased the trade deficit as Americans bought more U.S. capital goods. b. It decreased the trade deficit as foreigners were attracted to the increased value of U.S. products and Americans bought fewer imports. c. It increased the trade deficit as U.S. investors bought more domestic financial assets. d. It increased the trade deficit as Americans bought more imports and foreigners bought fewer U.S. products.
If a country's Gini coefficient had a value of one, this means:
a. the country has a perfectly even distribution of income. b. income is fairly evenly distributed across the country. c. income is fairly uneven across the country. d. all the income in the country goes to one person.
Refer to the following figure. Which of the following production possibilities would result in the greatest rate of economic growth over time?
a. Point B
b. Point C
c. Point D
d. Point E
Two items which have a negative cross price elasticity of demand are referred to as
A) luxury goods. B) inferior goods. C) substitutes. D) complements.