Refer to the above figure. The figure represents the consumption function for a consumer. Point B represents
A. autonomous consumption.
B. positive saving.
C. negative saving.
D. zero saving.
Answer: C
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In a particular country in 1998, the average worker needed to work 25 hours to produce 40 units of output. In that same country in 2008, the average worker needed to work 40 hours to produce 68 units of output. In that country, the productivity of the average worker
a. decreased by 1.7 percent between 1998 and 2008. b. remained unchanged between 1998 and 2008. c. increased by 4.75 percent between 1998 and 2008. d. increased by 6.25 percent between 1998 and 2008.
An industry comprising 40 firms, none of which has more than 3 percent of the total market for a differentiated product, is an example of
A) monopolistic competition. B) oligopoly. C) pure monopoly. D) pure competition.
A major feature of a market system is that:
A. there is full employment. B. there is consumer sovereignty. C. all producers make profits. D. there is economic equality.
In order to discourage consumers from consuming sugary soft drinks, the government is considering placing a tax on sugary soft drink sales. Which of the following statements is true?
A. Given the numerous alternatives, consumers' demand for sugary soft drinks is relatively elastic and the tax will likely work to discourage sugary soft drink consumption. B. The tax on sugary soft drinks will likely decrease the demand for sugar-free soft drinks. C. The tax on sugary soft drinks will likely raise considerable revenue, but will be unlikely to reduce the consumption of sugary soft drinks by consumers. D. Taxes do not discourage consumers from consuming products.