The three components of personal consumption expenditures are:
a. durable goods, nondurable goods, and services.
b. durable goods, food, and housing.
c. durable goods, nondurable goods, and housing.
d. durable goods, services, and food.
e. durable goods, services, and transportation.
a
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Network externalities can:
A. increase the value of new technologies. B. create diffuse profits for producers. C. decrease the benefits of a winner-take-all industry. D. lead to the adoption of inefficient technologies.
Refer to Table 9.2. (Data are expressed in billions of dollars.)Table 9.2Full Employment Income (Output)Consumers Desire to SpendInvestors Desire to SpendTotal Private SpendingTotal Saving$500$300$250$________$________600375250$________$________700450250$________$________800525250$________$________Given the information in Table 9.2, saving is equal to $200 billion at an output level of
A. $600 billion. B. $700 billion. C. $500 billion. D. $800 billion.
A demand curve
A. is vertical for necessities, upward sloping for luxury goods, and downward sloping for all other goods. B. can slope up or down depending on the tastes of the consumer. C. slopes down because of the inverse relationship between price and quantity demanded. D. slopes up because of the direct relationship between price and quantity demanded.
To an economist, the question of whether the right type of criminals are in jail hinges on
A. the severity of the offenses the criminals committed to get them in jail. B. whether the jail cell would be better utilized housing someone more dangerous. C. whether criminals show remorse. D. the likelihood they will commit their particular crime ever again if released.