Which of the following statements does NOT describe the real value of an economic variable?
A. It is expressed in constant dollars.
B. It is adjusted for changes in the price level.
C. It is a measure of the purchasing power of the variable.
D. It is the variable's nominal value adjusted for unemployment.
Answer: D
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The smaller the amount saved out of a change in disposable income, the
A) more horizontal the consumption function. B) larger the MPC. C) more net taxes affect consumption. D) smaller is autonomous consumption. E) smaller the MPC.
State the growth rate form of Okun's Law and define the variables in the equation
What will be an ideal response?
Cost-push inflation occurs when there is ________________.
Fill in the blank(s) with the appropriate word(s).
If a firm doubles the amount of labor it uses and triples the amount of capital it uses but its level of output less-than-triples as a result, what can be said about the firm's returns to scale?
A. This firm has increasing returns to scale. B. This firm has decreasing returns to scale. C. This firm has constant returns to scale. D. Nothing can be determined about this firm's returns to scale based on the information given.