The nation of Zambonia experiences the same rate of population growth every year. If the population of Zambonia doubles every 35 years, then what is the approximate annual rate of population growth?
Using the Rule of 70, we have 70/35 = 2, so the population growth rate is approximately 2 percent.
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Goods whose income elasticities are negative are called
A) normal goods. B) superior goods. C) inferior goods. D) complements.
A one-time tax rebate, which is not expected to be extended in future years, will
A) have a significant positive effect on consumption and aggregate demand, with aggregate demand growing by a multiple of the tax rebate. B) have no effect on consumption and aggregate demand. C) increase aggregate supply and aggregate demand. D) have a moderately positive effect on consumption and aggregate demand.
If inputs into production cannot be substituted for each other but have to be employed in fixed proportions, isoquants are straight, downward-sloping lines
Indicate whether the statement is true or false
The consumption function has two components: (1) consumption that depends on the level of income and (2)
a. permanent consumption b. transitory consumption c. autonomous consumption d. automatic consumption e. expected consumption