Let "C = Ca + by" define the consumption function. The term "by" is
A) the marginal propensity to consume. B) autonomous consumption.
C) current income. D) consumption that depends on income.
D
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The value of total output and total income in the simple circular flow model
A) include only intermediate goods. B) are equal to each other. C) are measures of the economy's level of savings. D) are related in the sense that national income is less than national product.
If the demand for a product increases and the supply of the same product increases, the equilibrium price will increase
Indicate whether the statement is true or false
Which agreement removes customs and passport controls at the common borders of many EU countries?
What will be an ideal response?
If income increases, then with regard to expensive cuts of steak, it is likely that the demand curve
a. shifts to the right b. shifts to the left c. becomes steeper d. does not change e. becomes flatter