________ consumption is consumption that depends upon the level of GDP and ________ consumption is consumption that does not depend upon the level of GDP
A) Voluntary; autonomous B) Autonomous; voluntary
C) Induced; autonomous D) Autonomous; induced
C
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Diminishing returns along a production function means that each additional hour of labor employed
A) produces a successively smaller additional amount of real GDP. B) produces a successively larger additional amount of real GDP. C) produces a constant additional amount of real GDP. D) does not produce any additional real GDP. E) forces the real wage rate to rise.
When long-run average costs decrease as output increases, there are
A) economies of scale. B) diseconomies of scale. C) constant returns to scale. D) constant marginal costs.
If 12 units of a good are sold when the price is $1 per unit, and 8 units are sold at a price of $1.50 per unit, then demand is
a. elastic. b. inelastic. c. of indeterminate elasticity. d. unit elastic.
Explain why advertising that results in spuriously differentiated products may result in a deadweight loss to total welfare
What will be an ideal response?