Refer to the information provided in Figure 23.5 below to answer the question(s) that follow.
Figure 23.5Refer to Figure 23.5. If aggregate income is $900 billion, aggregate consumption
A. is $25 billion.
B. is $800 billion.
C. is $875 billion.
D. cannot be determined from this information.
Answer: C
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A major tax overhaul is more likely to be in the public interest that a small tax reform
a. True b. False
The national debt
A. Equals the dollar amount of outstanding U.S. Treasury bonds. B. Will be paid off when the budget is finally balanced. C. Is paid off each fiscal year when the debt is refinanced. D. Will never be paid off in any given year, but it will be entirely paid off when it is refinanced over a number of years.
Using 100 workers and 10 machines, a firm can produce 10,000 units of output; using 250 workers and 25 machines, the firm produces 21,000 units of output. These facts are best explained by:
A. economies of scope. B. economies of scale. C. diminishing marginal productivity. D. diseconomies of scale.
A firm suffering economic losses decides whether or not to produce in the short run on the basis of whether
A. revenues from operating are sufficient to cover fixed costs. B. revenues from operating are sufficient to cover fixed plus variable costs. C. revenues cover variable costs. D. Firms suffering economic losses will always shut down.