That part of national income not spent on consumption is defined as
a. transitory income
b. permanent income
c. disposable income
d. autonomous consumption
e. saving
E
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A rise in the oil price will
A) shift the supply curve of gas to the left. B) shift the supply curve of gas to the right. C) leave the supply curve of gas unchanged. D) Not enough information is provided.
In recent years, the number of farms has fallen while the average farm size has increased. What concept may explain this phenomenon?
a. diminishing marginal returns b. declining productivity c. diseconomies of scale d. economies of scale e. good weather in midwestern states
Which of the following is not included in the U.S. balance of payments?
a. U.S. aid to Indonesian tsunami victims. b. U.S. corporate gifts to families who were harmed by hurricanes. c. Gifts from parents residing in foreign countries and paid to students studying at U.S. colleges and universities. d. All of the above are included in the balance of payments.
Other factors held constant, a decrease in resource prices will shift the aggregate:
A. demand curve leftward. B. demand curve rightward. C. supply curve leftward. D. supply curve rightward.