The consumption function expresses the:
a. relation between consumption and dissaving.
b. relation between consumption and disposable personal income.
c. purposes of consumption.
d. relation between consumption and dissaving.
b
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________ is said to exist when the formation of a regional trading group leads to the reduction of trade with nonmember countries in favor of member countries
A) Trade creation B) Trade diversion C) Trade exclusion D) Trade distortion
An improvement in the quality of U.S. goods would lead to a ________ in the demand for dollars and a ________ in the exchange rate
A) rise; rise B) rise; fall C) fall; rise D) fall; fall
According to the Weber-Fechner law, the perceived change in any stimulus:
A. is larger when the change is large in proportion to the original stimulus. B. is larger when the change is small in proportion to the original stimulus. C. does not depend on the size of the change in proportion to the original stimulus. D. is zero regardless of the size of the original stimulus.
Legal or governmental restrictions that give monopolistic advantages to a firm include all of the following EXCEPT
A) economies of scale. B) tariffs. C) licenses. D) franchises.