How much is induced consumption when disposable income is $4 trillion?
A. 0
B. $1 trillion
C. $2 trillion
D. $2.5 trillion
C. $2 trillion
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Marginal product equals
A) the total product produced by a certain amount of labor. B) the change in total product that results from a one-unit increase in the quantity of labor employed. C) total product divided by the quantity of labor. D) the amount of labor needed to produce an increase in production. E) total product minus the quantity of labor.
Which of the following is included in government expenditures when measuring GDP?
A) Social Security payments B) unemployment compensation payments C) pension payment made to past presidents D) the current president's salary
The relation between the nominal and real exchange rates is given by which of the following equations?
A) EX = ( × P)/ B) = (EX × P)/ C) EX = ( × )/P D) = (EX × )/P
Per-unit transaction costs:
a. may cause the demand and supply curves to shift either inward or outward depending on the value obtained from transaction agents. b. refer only to the commission paid to a third-party for each transaction made. c. are absorbed by the party seeking the transaction. d. have the same effect on behavior as do lump-sum transaction costs; the difference in terminology is purely definitional.