The ratio of the change in the equilibrium level of real GDP to the change in autonomous real expenditures is the
A. average propensity to consume.
B. multiplier.
C. marginal propensity to consume.
D. unplanned investment.
Answer: B
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The term "creative destruction" refers to
A) the process by which immigrants build a new life in their country of destination. B) the process by which new jobs are created and old ones destroyed. C) the effects of population growth on the environment. D) All of the above are correct.
The WTO replaced the GATT in
A) 1900. B) 1945. C) 1960. D) 1995.
The Social Security tax structure in the United States is regressive in nature
a. True b. False Indicate whether the statement is true or false
Within the framework of the price-taker model, a price taker will always produce a quantity of output that
a. minimizes the per-unit cost of production. b. is expected to provide the largest possible total revenue. c. maximizes total revenue minus total cost. d. brings average total cost and price into equality.