Refer to the above table. The table gives the combinations of real disposable income and real consumption for a college student for a year. What does planned real saving equal when real disposable income equals $1200?
A. 300
B. 0
C. 1140
D. 60
Answer: D
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Market systems are often referred to as "automatic" or "self-regulating" because they function
A) effectively even when no participant in the system plans ahead. B) effectively in the absence of any laws. C) effectively even when the society is breaking down. D) without an overall, comprehensive plan. E) without the intervention of human beings.
__________ rights refer to the range of laws, rules, and regulations that define rights for the use and transfer of resources
A) Individual B) Constitutional C) Property D) Economic E) none of the above
The windfall profits tax on oil will curtail oil production if
A. oil executives decide to be spiteful. B. the demand for oil is inelastic. C. the supply curve for oil is upward sloping. D. the supply curve for oil is vertical.
The supply of labor to the individual firm in a perfectly competitive market is
A) perfectly inelastic at the current equilibrium employment level. B) perfectly elastic at the current market clearing wage rate. C) downward sloping. D) equal to the marginal revenue of output.