Autonomous consumption equals total consumption when ___________________.
Fill in the blank(s) with the appropriate word(s).
disposable income is zero
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How would you interpret (1) an upward sloping curve and (2) a zero slope curve in a two variable diagram?
What will be an ideal response?
The chain-weighted output index method ________
A) is used to calculate the value of nominal GDP B) values the quantities produced in a year at the prices of the base year C) shows that real GDP increases every year D) uses the prices of two adjacent years to calculate the real GDP growth rate
An input-output table details the sales of each industry to all other industries in an economy
Indicate whether the statement is true or false
You interview with an athletic footwear manufacturer that has annual advertising expenditures of $32 million and total sales revenue of $100 million, and the firm selects the profit maximizing level of advertising expenditures
If the advertising elasticity of demand is 0.4, then you know that "Rule of Thumb for Advertising" implies that the demand for the firm's products is: A) inelastic. B) unit elastic. C) elastic. D) zero.