Autonomous consumption is
A. that part of consumption that rises or falls with changes in disposable income.
B. the minimum that people will spend even if disposable income is zero.
C. the amount people will spend when the C line crosses the 45-degree line.
D. the amount people will spend when income is equal to consumption.
B. the minimum that people will spend even if disposable income is zero.
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The two main characteristics of the production function are
A) it slopes downward from left to right, and the slope becomes flatter as the input increases. B) it slopes upward from left to right, and the slope becomes steeper as the input increases. C) it slopes upward from left to right, and the slope becomes flatter as the input increases. D) it slopes downward from left to right, and the slope becomes steeper as the input increases.
Contracts are usually less costly to arrange and enforce than spot market transactions, and they bring benefits that are unobtainable in spot markets
Indicate whether the statement is true or false
In 2011, which country had the highest level of GDP per hour of work?
a. Spain b. the United Kingdom c. France d. Japan
GDP includes some nonmarket goods
Indicate whether the statement is true or false