How much is induced consumption?
C = $6.4 trillion
Disposable income = $8 trillion
Autonomous consumption = $4 trillion
$2.4 trillion
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To conduct open market operations, the FOMC issues a directive to
A) the trading desk at the Federal Reserve Bank of New York. B) the Board of Governors in Washington, D.C. C) the presidents of the district banks. D) the chairman of the New York Stock Exchange.
Which of the following most clearly distinguishes between positive and normative economics?
a. Positive economics is the study of what ought to be; normative economics is concerned with the facts. b. Positive economics is the study of the facts; normative economics is concerned with what ought to be. c. Positive economics is the study of supply and demand in narrowly defined markets such as the market for shoes; normative economics focuses on highly aggregated markets such as the market for all consumer products. d. Positive economics is the study of goods that are scarce; normative economics is concerned with goods that are not scarce.
At the equilibrium price, Question 30 options:
A. the quantity demanded equals supply. B. the government is setting the price. C. the quantity supplied equals demand. D. the quantity demanded equals the quantity supplied. E. there can be either a small surplus or a small shortage.
International trade between two nations increases the standard of living of both nations due to
A. political intervention. B. high tariffs. C. specialization and gains from comparative advantage. D. specialization and gains from absolute advantage.