Refer to the information provided in Table 24.3 below to answer the question(s) that follow.
Table 24.3
Refer to Table 24.3. At an output level of $600 billion, disposable income equals
A. zero.
B. $100 billion.
C. $300 billion.
D. $500 billion.
Answer: D
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Goods and services are scarce because
a. people are greedy b. they are produced using scarce resources c. firms keep production low in order to earn higher profits d. they are produced by firms that seeks profits e. government wants to maintain its power over the economy
In the market for potatoes, where price level reaches its low in October and its peak in June, speculators help to:
a. keep the equilibrium price uniform over the year. b. lower the level of consumption in June. c. lower the level of consumption in October. d. keep the equilibrium price level low over the year.
Economic growth is defined as a long-run increase in an economy's
a. resources b. employment rate c. total output of goods and services d. level of profits e. money supply
There is no correlation between more years of schooling and increased earnings.
A. True B. False C. Uncertain