Sunk costs can be controlled after they are paid
Indicate whether the statement is true or false
False
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In the graph for the consumption function, the 45-degree line
A) contains only a consumption component.
B) represents both planned consumption and planned investment.
C) shows various combinations where planned consumption equals real disposable income.
D) reflects a decreasing APC as real disposable income rises.
Which of the following is most likely to have an income elasticity of demand that is less than 1?
A) movies B) airline travel C) foreign travel D) food E) restaurant meals
A concert in a crowded auditorium is ________ in consumption
A) non-excludable and non-rival B) excludable but non-rival C) excludable and rival D) non-excludable but rival
In the period 1960–95, the federal government
(a) played, in general, a much larger role in the economy during this period than prior to World War II. (b) played a small role in the economy, similar to the 1920s. (c) eliminated most of the major programs for the federal government that were established by the New Deal in the 1930s, while state and local governments began to play a larger role in the economy. (d) played a large role in defense spending but followed basically a laissez-faire policy toward the rest of the economy.