___ consumption is consumption that does not depend upon the level of GDP
Fill in the blank(s) with the appropriate word(s).
autonomous
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Refer to the above table. The table gives the combinations of real disposable income and real consumption for a college student for a year. What is the value of the average propensity to consume when real disposable income equals $4,000?
A) 0.7 B) -0.45 C) 1.45 D) 0.69
In monopolistic competition, a firm has some ability to affect the price for its product because of
A) easy entry and exit. B) economic profits. C) product differentiation. D) many competitors.
During World War I (1914–18), hourly wages
(a) decreased in nominal and real terms. (b) increased in nominal and real terms. (c) increased in nominal terms but decreased in real terms. (d) decreased in nominal terms but increased in real terms.
Perfectly competitive markets feature relatively high barriers to entry.
Answer the following statement true (T) or false (F)