For a family with disposal income less than autonomous consumption
A. the APC is greater than 1.
B. induced consumption is positive.
C. the APS is very small but positive.
D. in the long run credit cards are used to make up difference.
A. the APC is greater than 1.
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The table below represents five points on the production possibility frontier for the small country of Bistro, which produces only crackers (measured in thousands of boxes) and cheese (measured in thousands of pounds): A B C D E Crackers 40 30
20 10 0 Cheese 0 5 10 15 20 Does the production possibility frontier demonstrate the law of increasing opportunity cost? How can you tell?
In the U.S. the total amount of work time lost to strikes is less than the amount of work time lost for coffee breaks
a. True b. False Indicate whether the statement is true or false
If measurement errors did not exist, real per capita GDP would be an undeniably accurate measure of human welfare.
Answer the following statement true (T) or false (F)
If the annual interest rate is 5% (.05), the price of a three-month Treasury bill would be:
A. $95.00 B. $98.79 C. $98.75 D. $97.59