Complete the following short-run cost table using the information provided
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A decrease in consumer wealth will
A) not change autonomous consumption and rotate the consumption function upward. B) decrease autonomous consumption and shift the consumption function downward. C) not change autonomous consumption and rotate the consumption function downward. D) increase autonomous consumption and shift the consumption function upward.
Suppose the marginal propensity to consume (MPC) is 0.8 and there is a $2,000 increase in autonomous consumption. Given this information, real GDP will increase by
A) $10,000. B) $2,500. C) $1,600. D) $2,000.
________ unemployment is most closely associated with periods of falling GDP
A) Frictional B) Cyclical C) Structural D) Voluntary
Variable costs equal fixed costs when nothing is produced
a. True b. False Indicate whether the statement is true or false