Efficiency occurs if the:
A. individually rational quantity of goods and services is being produced.
B. market is in equilibrium.
C. government does not interfere with market prices.
D. socially optimal quantity of goods and services is being produced.
Answer: D
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Personal income less personal taxes is called:
A) personal disposable income. B) national income. C) compensation of employees. D) savings.
The importance of barriers to the adoption of technologies is supported by research by
A) P. Romer. B) R. Lucas. C) S. Parente and E. Prescott. D) G. Glomm and B. Ravikumar.
If disposable income falls by $50 billion and consumption falls by $40 billion, then the slope of the consumption function is
What will be an ideal response?
Refer to the information provided in Figure 28.4 below to answer the question(s) that follow.
Figure 28.4Refer to Figure 28.4. Suppose there is a decrease in the fertility rate and this causes some men and women to place a lower value on their time spent in nonmarket activities. This will cause
A. the labor supply curve to shift to the right of S. B. the labor supply curve to shift to the left of S. C. the labor demand curve to shift from D to D'. D. the labor demand curve to shift from D' to D.