Autonomous determinants of consumption expenditures are dependent on the level of current disposable income
a. True
b. False
Indicate whether the statement is true or false
False
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Two advisors to the president have given their policy recommendations, and they are in disagreement. Why do these economists disagree?
A. Because they do not have all relevant information about the problem B. Because they disagree on the nature of some cause–effect relationship C. Because they have different values and opinions D. All of the above are reasons for disagreements among economists.
Income inequality in the United States has increased in part due to technological change. How does technological change contribute to income inequality?
A) It reduces the cost of producing goods and therefore lowers the value of labor services. B) It is responsible for a majority of new products on the market, and these products are only affordable to higher-income households. C) It allows manufacturers to produce products with less labor, and this reduction in the demand for labor lowers wages at all skill levels. D) It has created many higher-income jobs for skilled and trained workers, leaving the income of less-skilled workers relatively unchanged by comparison.
The Clayton Act of 1914 was labeled "Labor's Magna Carta." This act recognized labor as property and deemed that it could not be treated as an article of commerce
Indicate whether the statement is true or false
Refer to Figure 2.1. At point B, demand is:
A) small. B) inelastic, but not completely inelastic. C) unit elastic. D) elastic, but not infinitely elastic. E) infinitely elastic.