The amount of output produced by an average worker in one hour is per capita output.
Answer the following statement true (T) or false (F)
False
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The income elasticity of demand for food is roughly 1. A consumer's monthly income is $2,000, of which 20% is spent on food. If the income of this consumer doubles, the amount she'll spend on food will be
A. $800 per month. B. $1,000 per month. C. $500 per month. D. $400 per month.
Refer to Table 2-16. Estonia has a comparative advantage in the production of
A) cell phones. B) both products. C) lumber. D) neither product.
If the marginal propensity to consumer is 0.9, what is the value of the expenditure multiplier?
a. 1.0 b. 1.9 c. 10 d. 0.1 e. 0.9
In the graph shown, the globally constrained potential output is:
A. the LAS curve shown, but horizontal. B. the same as the LAS curve shown. C. to the left of the LAS curve shown. D. to the right of the LAS curve shown.