In the determination of disposable income, transfer payments are treated as if they
A. are the same as taxes.
B. did not exist.
C. are the opposite of taxes.
D. were a constant amount.
Answer: C
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The aggregate production function is an equation that shows the relationship between ________ and ________
A) the inputs employed by firms; the maximum output firms can produce with those inputs B) the inputs employed by an individual firm in an economy; the average of the inputs employed by all firms in an economy C) the output produced by an individual firm in an economy; the average of the output produced by all firms in an economy D) the average level of capital used in production in an economy; the average level of labor used in production in an economy
Prince Henry the Navigator was one of the leading explorers from _____
a. England b. France c. Holland d. Portugal e. Spain
If the aggregate demand curve shifts rightward, then _____
a. the price level increases and output decreases b. the resulting increase in the price level is usually called cost-push inflation c. the resulting increase in the price level is usually called demand-pull inflation d. the price level increases as long as the aggregate supply curve shifts leftward e. the price level decreases and output decreases
The concept of ___________ of scale means that as the scale of output goes up, average costs of production decline.
a. economies b. focus c. advantage d. productivity