Refer to the information provided in Figure 24.1 below to answer the question(s) that follow.
Figure 24.1Refer to Figure 24.1. At equilibrium, the part of consumption that is dependent on income equals $________ billion.
A. $2,000
B. $1,500
C. $1,000
D. cannot be determined from the given information
Answer: C
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A firm's demand for labor depends on the
A) nominal wage rate because it pays workers in dollars. B) real wage rate, which equals the nominal wage divided by the price level. C) real wage rate, which equals the nominal wage divided by the hours worked. D) nominal wage rate, which equals the real wage divided by the price level. E) supply of labor.
If the price of gasoline increases from $2.50 per gallon to $3
00 per gallon and the quantity demanded goes down from 120 million gallons per week to 115 million gallons per week, the absolute value of price elasticity of demand in that price range is approximately A) 0.23. B) 4.35. C) 0.93. D) 2.34.
Economics is considered to be one of ______________ disciplines
a. natural science b. mathematical c. humanities d. social science e. fine arts
Scarcity
A. can be reduced with more efficient production methods. B. can not be avoided in the world. C. does not exist in the United States. D. applies only to developing countries.