The idea that poor people consume a higher percentage of their income than the rich is a logical conclusion drawn from
a. Keynes's absolute income hypothesis
b. Duesenberry's relative income hypothesis
c. Friedman's permanent income hypothesis
d. the life-cycle hypothesis of consumption
e. the consumption function
A
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According to Fogel and Engerman (1974), Northern farmers extensively utilized hired labor
Indicate whether the statement is true or false
The most commonly held form of public debt is the
a. Treasury bond b. Treasury bill c. Treasury note d. savings bond e. savings bill
After an unexpected ________ in the price of oil, the long-run adjustment decreases the price level and ________ the unemployment rate as they return to their original levels
A) increase; increases B) increase; decreases C) decrease; increases D) decrease; decreases
Refer to the above table. How many units of the two products will the consumer buy, to get maximum utility?
The table below shows the total utility data for products X and Y. Assume that the prices of X and Y are $3 and $4, respectively, and that consumer income is $18.
A. 1 of X and 4 of Y
B. 2 of X and 2 of Y
C. 2 of X and 3 of Y
D. 3 of X and 4 of Y