The break-even point on the consumption function represents the point where
A) consumption is zero. B) income equals consumption plus spending.
C) consumption equals spending. D) consumption equals income.
D
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Where should a producer stop devoting more of his spending on labor if initially the MRP of the additional dollar spent on labor is higher than the MRP of the additional unit spent on tools?
A. MRP/$ of additional labor falls below MRP/$ of additional tools. B. MRP/$ of additional capital increases above MRP/$ of additional tools. C. MRP/$ of additional labor becomes equal to MRP/$ of additional tools. D. MRP/$ of the additional labor falls to zero.
When an increase in aggregate demand exceeds the increase in aggregate supply
A) real GDP decreases while nominal GDP increases. B) the price level falls while real GDP increases. C) nominal GDP decreases and real GDP decreases. D) the economy will experience inflation as the price level rises.
Between 1865 and 1914, individuals in households could use the income they did not spend to do what?
(a) Purchase stocks (b) Buy bonds (c) Place money in savings accounts (d) All of the above
The losers when the United States institutes trade restrictions include
a. U.S. consumers of imported goods, U.S. producers who use imported intermediate goods, and, if other countries retaliate, U.S. exporters b. U.S. producers of goods that compete with imported goods only c. U.S. consumers of imported goods and U.S. producers of goods that compete with imported goods d. all U.S. producers of all goods and U.S. exporters e. only U.S. exporters