Which mathematical expression describes what households do with their disposable income?
a. Y = C + I
b. Y = C + I + G
c. Y = C + S + G
d. I = S
e. Y = C + S
E
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In this graph, which of the following is assumed to be changing?
a. autonomous consumption
b. investment
c. government purchases
d. the price index
Marginal utility is the
A. Utility received from consuming the optimal combination of goods and services. B. Change in total utility obtained by spending one extra dollar on a good or service. C. Change in total utility obtained by selling one extra unit of a good or service. D. Change in total utility obtained by consuming one extra unit of a good or service.
When differences between nominal GDP and real GDP result due to price changes and nothing else is compared, an index is created called the:
A. inflation index. B. consumer price index. C. GDP deflator. D. index of leading indicators.
The Justice Department will not allow firms to merge if the result will be higher prices to consumers.
Answer the following statement true (T) or false (F)