Collective consumption goods are _____
a. goods that can be consumed by additional consumers without reducing the amount available to existing consumers
b. goods that can be produced for everyone at zero marginal cost
c. goods that are produced and consumed by an entire group, such as a commune that raises its own vegetables
d. goods that once produced, can be consumed by additional consumers without reducing the amount available to existing consumers
d
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In a country with a working-age population of 200 million, 140 million people are employed and 20 million are unemployed. The size of the labor force is
A) 200 million. B) 160 million. C) 140 million. D) 20 million. E) 120 million.
What effect would each of the following government actions have on the steady-state growth rate of the standard of living? a. a decrease in income tax rates b. a doubling of the capital gains tax c. a growing budget deficit d
an increase in funding for research and development at public universities
What is potential GDP?
A) It is the level of real GDP in the long run. B) It is the difference between current GDP and maximum GDP. C) It is the level of real GDP in the short run. D) It is the level of GDP at which inflation is constant.
Refer to the information provided in Table 22.2 below to answer the question(s) that follow. Table 22.2 PointAggregate Income (Y)Aggregate Consumption (C) A 10 14 B 20 23 C 30 25 D 40 26 E 50 34 F 60 39The data in the table was used to estimate the following consumption function: C = 12 + 0.4YRefer to Table 22.2. The error for point E is equal to
A. -2. B. -1. C. +2. D. +4.