If consumers purchase more of a good when their income rises, the good is a normal good
a. True
b. False
Indicate whether the statement is true or false
True
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Autonomous consumption is consumption that:
a. varies directly with disposable income. b. varies inversely with disposable income. c. is independent of the level of disposable income. d. is constant at first and then varies with disposable income.
If the real interest rate is above zero, we know that the nominal interest rate must be:
A. higher than the inflation rate. B. lower than the inflation rate. C. equal to the inflation rate. D. zero.
A traffic light would be considered a common resource
a. True b. False Indicate whether the statement is true or false
Members of the Board of Governors of the Federal Reserve are
A. appointed by the president of the United States. B. appointed by the Treasury Secretary. C. appointed by the outgoing chairman of the Board of Governors and confirmed by Congress. D. elected by the stockholders of the eight largest banks in the United States.