Along the 45° reference line
A) the average propensity to consume is represented.
B) planned real expenditures equal real disposable income.
C) consumption expenditures equal saving.
D) the relationship between consumption and income is represented.
B
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The short-run average variable cost curve
a. is always downward-sloping b. starts at the origin and always slopes upward c. starts above the origin and always slopes upward d. is a horizontal line intersecting the vertical axis e. slopes downward at low rates of output, then slopes upward at higher rates of output
Other things remaining unchanged, which of the following is a determinant of the quantity supplied of a good?
a. The cost of inputs used in production b. The price of the product c. The income levels of consumers d. The price expectations of producers e. The preferences of consumers
Which of the following would not be included in the calculation of accounting profit?
A. The rent paid by the owner for the use of a building. B. The medical insurance coverage for the company's workers. C. The salary the owner could have earned working elsewhere. D. The wages paid to the company's workers.
In general, the relationship between ________ and ________ depends on the state of the economy at the time of the output change.
A. output; GDP B. saving; output C. inflation; output D. output; unemployment