Figure 7-7
In Figure 7-7 at 100 units, AVC equals
A. 8.
B. 800.
C. 100.
D. 1,000.
Answer: A
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The multiplier effect relates changes in
A. disposable income to changes in consumption. B. the price level to changes in real GDP. C. the interest rate to changes in investment. D. spending to changes in real GDP.
At a fair carnival roulette wheel, a player can either win $10, $30, or $80 . Assuming that the wheel is fair, what is the expected value of the play?
a. $20 b. $40 c. $60 d. $80
Which category of consumption spending tends to be the most stable over the business cycle? a. Nondurable consumer goods
b. Durable consumer goods. c. Services. d. all of these categories of consumer spending are highly unstable over the business cycle.
Policy makers should manage aggregate demand so that it grows in line with the economy's capacity to produce. This task is the realm of
a. growth policy. b. stabilization policy. c. labor policy. d. inflation policy.