Which factors explain labor productivity?
A) diminishing returns; the quantity of labor per hour worked
B) diminishing returns; the quantity of capital per hour worked
C) technological change; the quantity of capital per hour worked
D) technological change; the quantity of labor per hour worked
C
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The ratio of the change in consumption to the change in disposable income is the
A) average propensity to save. B) marginal propensity to consume. C) average propensity to consume. D) marginal propensity to save.
An increase in the level of U.S. exports ________ the demand for goods and service produced in the United States
A) increases B) does not affect C) decreases D) increases or decreases
If the income elasticity for canned food is 0.8, then canned food is an inferior good
Indicate whether the statement is true or false
Spending on the war in Afghanistan is essentially categorized as government purchases. How do decreases in spending on the war in Afghanistan affect the aggregate demand curve?
A) They will shift the aggregate demand curve to the right. B) They will shift the aggregate demand curve to the left. C) They will move the economy up along a stationary aggregate demand curve. D) They will move the economy down along a stationary aggregate demand curve.