Refer to the information provided in Table 36.2 below to answer the question(s) that follow. Table 36.2 PointAggregate Income (Y)Aggregate Consumption (C) A 10 14 B 20 23 C 30 25 D 40 26 E 50 34 F 60 39The data in the table was used to estimate the following consumption function: C = 12 + 0.4YRefer to Table 36.2. The error for point D is equal to
A. -2.
B. -1.
C. +2.
D. +4.
Answer: C
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Relative to a single-price monopoly, the effect of group price discrimination on social welfare is
A) beneficial. B) detrimental. C) neutral. D) ambiguous.
The national income accounting system provides a measure of:
a. only the total amount of profits made by business firms. b. the total value of all inputs used in production. c. the government budget surplus and deficit. d. the net exports of a nation. e. the output of an entire economy.
All of the costs associated with making and enforcing contracts are referred to as
A) alternative costs. B) opportunity costs. C) marginal costs. D) transactions costs.
Summarize the historical growth record of the United States over the past 50 years in terms of real GDP growth and in terms of real GDP per capital growth. What three qualifications should be made about these growth rates?
What will be an ideal response?