Consumption smoothing refers to ________
A) the impact of future income on current consumption and of current income on future consumption
B) the constancy of consumption over time
C) the impact of current consumption on future income and of future consumption on current income
D) the tendency of consumers to adopt similar spending habits
A
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A Japanese businessman opened an automobile showroom in Singapore this year. His income will lead to a(n) ________
A) increase in the GDP of Singapore B) decrease in the GDP of Singapore C) increase in the GDP of Japan D) decrease in the GDP of Japan
In a perfectly competitive market equilibrium,
a. each firm's marginal cost is equal to the market price b. each consumer's marginal utility is equal to the market price c. each firm's marginal cost is equal to each consumer's marginal utility d. price equals minimum marginal cost e. price equals minimum average total cost
The least expensive way to clean up the environment is for all firms to reduce pollution by an equal percentage
a. True b. False Indicate whether the statement is true or false
Normative economics questions "What ought to be?" Positive economics predicts the consequences of alternative actions, answering the questions "What is?" or "What will be?"
Answer the following statement true (T) or false (F)