Changes in autonomous consumption will affect the slope of the consumption function
a. True
b. False
Indicate whether the statement is true or false
False
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Workers earn less than half of the income generated by the production process.
Answer the following statement true (T) or false (F)
Two nations, Alpha and Beta, can both produce steel. Alpha has a comparative advantage in the production of steel if it
A. has a higher domestic opportunity cost of producing steel than Beta. B. uses more steel than Beta. C. can produce more steel than Beta. D. has a lower domestic opportunity cost of producing steel than Beta.
The figure above illustrates a linear demand curve. By comparing the price elasticity in the $2 to $4 price range with the elasticity in the $8 to $10 range, you can conclude that the elasticity is
A) greater in the $8 to $10 range. B) greater in the $2 to $4 range. C) the same in both price ranges. D) greater in the $8 to $10 range when the price rises but greater in the $2 to $4 range when the price falls.
What is the voting paradox?
A) people are aware that their votes will not change the political outcome since these outcomes are predetermined by a group of influential politicians B) the observation that majority voting may not always result in consistent choices C) the observation that less than 60 percent of those eligible to vote actually vote D) the idea that wealthy corporations are able to sway politicians to act in ways contrary to the desires of the majority