That part of disposable income not spent on consumption is:
A. saved.
B. invested.
C. wasted.
D. borrowed.
Answer: A
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When we keep part of our wealth in a bank checking account, we are using money as a ________ because ________
A) store of value; we are holding the money to exchange for goods at a later time B) medium of exchange; we are holding the money to gain interest earned C) barter token; we are holding the money to exchange for goods at a later time D) unit of account; we are holding the money to exchange for goods at a later time E) unit of currency; we have agreed upon the value of the money with bank
If a variable moves in the opposite direction from real GDP and other measures of aggregate economic activity, it is a ________ variable
A) procyclical B) countercyclical C) coincidental D) recessionary
The labor-supply curve will be downward sloping if the:
A. income effect outweighs the price effect. B. price effect outweighs the income effect. C. substitution effect outweighs the income effect. D. The labor-supply curve is never downward sloping.
Which of the following occurs during an expansion?
a. Output rises, employment rises and unemployment falls. b. Output falls, employment rises and unemployment falls. c. Output rises, employment falls and unemployment falls. d. Output rises, employment rises and unemployment rises. e. Output rises, employment rises and tax revenues fall.