The quantity of ________ by households will be less ________

A) saving; the higher is disposable income
B) saving; the lower is the real interest rate
C) consumption; the lower is the inflation rate
D) consumption; the higher is disposable income


B

Economics

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Membership in a customs union may be either welfare improving or welfare worsening. Illustrate and explain

What will be an ideal response?

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General equilibrium analysis is different from partial equilibrium analysis in that general equilibrium analysis

A) explicitly takes feedback effects into account and partial equilibrium analysis does not. B) does not take into consideration specific problems, but partial equilibrium analysis does. C) takes into consideration specific problems, but partial equilibrium analysis does not. D) allows one to arrive at a specific conclusion, but partial equilibrium analysis does not.

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Explicit costs are

A) the opportunity costs of all resources used by the firm. B) the costs associated with the resources that the firm owns. C) actual expenditures that a firm must make. D) all costs associated with the short run.

Economics

If 11 workers can produce 53 units of output while 12 workers can produce 56 units of output, what is the marginal product of the 12th worker?

A) 0.16 B) 3 C) 4.67 D) 36

Economics