Consumption spending that is independent of the level of income is known as
a. marginal consumption
b. transitory consumption
c. permanent consumption
d. relative consumption
e. autonomous consumption
E
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The Lorenz curve is criticized for all of the following EXCEPT
A) that it excludes transfers-in-kind income. B) that it does not account for the size differences of households. C) that it does not account for age differences of households. D) that it does not account for the impact of trade on the standard of living.
Some people drop out of the labor force during times of recession:
A. to go back to college, because the opportunity cost is lower during a recession. B. because they cannot find work and give up trying. C. and decide to take early retirement. D. All of these are true.
Refer to Figure 8.11. Which of the following statements is true?
A. Both Fred and Barney have a dominant strategy. B. Neither Fred nor Barney has a dominant strategy. C. Fred has a dominant strategy but Barney does not. D. Barney has a dominant strategy but Fred does not.
Production possibility curves are upward-sloping because increased production of one good implies reduced production of another good.
Answer the following statement true (T) or false (F)