In 2012, the median income of U.S. families was about $86,000
a. True
b. False
Indicate whether the statement is true or false
False
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According to Edward Chamberlin, is the "differentness" of products a waste of resources? Explain
What will be an ideal response?
Which of the following is the best description of the production possibilities frontier (PPF)?
a. The PPF is a curve showing alternative combinations of goods that can be produced when available resources are used efficiently. b. The PPF is a curve showing the quantity of a good or service supplied by producers at each price level. c. The PPF is a curve showing the changes in output of a good or service brought about by changes in input usage. d. The PPF is a curve showing the different input combinations used to produce a particular good or service.
Refer to the above figures. Which panel(s) represent economic growth?
A) Panels A and C only B) Panel D only C) Panel A only D) Panels B and D only
The consumption function shows how much
A) households plan to consume per year at each possible interest rate. B) real disposable income people will earn at each income tax bracket. C) households plan to consume per year at each level of real disposable income. D) households plan to consume per year at each level of savings.