The consumption function shows the relationship between the income received by the economy’s households and the
a. amount they plan to spend on currently produced final output.
b. amount of government spending.
c. amount businesses plan to spend on investment.
d. level of taxes on personal income.
a. amount they plan to spend on currently produced final output.
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In the United States, ________ percent of all firms are corporations
A) 18 B) 60 C) 72 D) 82
Development economics must have a scope wider than traditional economics because
a. values and attitudes play little role in the pace of development. b. people in developing societies do less utility-maximizing. c. transformation of social institutions is necessary for development. d. all of the above.
If firms in a competitive market are identical, then the long-run market supply curve will be
A) horizontal. B) upward sloping. C) downward sloping. D) undetermined.
Refer to the above table. Given the demand and cost? schedules, what is the profitminusmaximizing price for this? monopolist?
A. $11 B. $10 C. $12 D. $9