The consumption function relates consumption spending to _____
Fill in the blank(s) with the appropriate word(s).
disposable income.
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Explain why the long-run total cost curve, not the short-run total cost curve, shows the lowest cost of producing any level of output. Is there an exception?
What will be an ideal response?
Most recessions last approximately three years
a. True b. False
In both Gamma and Delta average labor productivity is $40,000 per worker per year. The population of Gamma is 200,000 and the population of Delta is 400,000. Fifty percent of the population in each country is employed. Total output in Gamma is ________ and total output in Delta is ________.
A. $8 billion; $16 billion B. $4 billion; $8 billion C. $100,000; $200,000 D. $2.4 billion; $4.8 billion
An example of the opportunity to gain human capital would be:
A. a firm offering on-the-job training. B. a firm starting a community garden for its employees. C. a firm expanding and creating 20 more jobs. D. All of these are examples of human capital.