That part of national income not spent on consumption is
a. saving
b. investment
c. delayed consumption
d. induced consumption
e. the MPC
A
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Usually an abundance of natural resources ________ average labor productivity.
A. has no effect on B. decreases C. increases D. doubles
The total demand for goods and services at a given price level is also known as
A) autonomous consumption. B) the consumption function. C) equilibrium output. D) planned expenditures.
Refer to the table above. After applying the second bag of fertilizer, the farmer experienced
A) constant returns. B) diminishing returns. C) increasing returns. D) negative returns.
When a permanent negative supply shock hits the economy, a permanently ________
A) lower equilibrium level of output ensues if the central bank raises interest rates B) lower equilibrium level of output ensues if the central bank does not respond C) higher equilibrium level of inflation ensues if the central bank does not respond D) all of the above E) none of the above