The consumption function will shift because of a change in current disposable income.
Answer the following statement true (T) or false (F)
False
There will be a movement along the consumption function due to a change in current disposable income.
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The value of all final goods and services produced during a given time period measures a nation's
A) net exports. B) net national product. C) consumer price index. D) gross domestic product.
The above figure shows the market for steel ingots. What is the change in externality cost if the market switches from competitive equilibrium to social optimum?
A) a + b B) b + c C) c D) a + b + c
Assuming fixed factor prices, the short-run industry supply curve for a perfectly competitive industry is equal to the sum of the
A) AVC curves above minimum AVC. B) ATC curves above minimum ATC. C) MC curves above minimum AVC. D) MC curves above minimum ATC.
It shows the aggregate demand and aggregate supply schedule for a hypothetical economy.
Refer to the table above. If the quantity of real domestic output demanded increased by $1000 at each price level, the new equilibrium price level and quantity of real domestic output would be:
A. 150 and $2500
B. 250 and $2500
C. 200 and $2000
D. 300 and $3000