The law of supply says that
a. supply and income are inversely related
b. supply follows demand
c. quantity supplied equals quantity demanded
d. price and quantity supplied are inversely related
e. price and quantity supplied are directly related
E
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If consumption is defined as C = 1,350 + 0.6Y, then the marginal propensity to consume is 0.6
Indicate whether the statement is true or false
According to the text, economic decision making refers to:
A) comparing costs and benefits. B) rejecting wish-driven strategies. C) ensuring that wants and needs are matched. D) analyzing demand and supply. E) forecasting.
The Board of Governors is made up of experts in:
A. finance and banking. B. accounting standards. C. fiscal policy. D. public policy
The ratio of the prices of two goods multiplied by -1 is equal to the slope of the budget line
a. True b. False