Compared to consumption, investment is a much ________ component of GDP and is much more ________
A) smaller; volatile B) larger; volatile C) larger; stable D) smaller; stable
A
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"Granger laws" were early efforts by states to regulate the railroads and were
a. were severely limited in scope through litigation, b. generally outlawed both place and person discrimination, c. established commissions with the power to investigate complaints d. All of the above
In the simple Keynesian model, if the tax function is given by T = 0.15Y and the consumption function is C = 50 + 0.7YD then a 10-unit increase in government spending would increase equilibrium income by
a. 10 units. b. 11.2 units. c. 22.4 units. d. 30 units. e. none of the above
Characteristics of a perfectly competitive market include:
A. the presence of transaction costs. B. homogenous products. C. few sellers, each with a large market share. D. All of these are characteristics of a perfectly competitive market.
The rule of reason was applied in the Alcoa case
a. True b. False Indicate whether the statement is true or false