According to the Keynesian consumption function, if disposable income
a. increases, planned saving will increase.
b. increases, planned consumption will increase.
c. falls, planned saving will increase.
d. increases, both planned saving and planned consumption will increase.
d. increases, both planned saving and planned consumption will increase.
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If the price level rises but the money wage rate does not, then firms will hire ________ labor and the quantity of real GDP supplied will ________
A) more; increase B) the same amount of; not change C) less; decrease D) more; not change E) less; increase
According to your textbook, globalization
A) does not necessarily destroy local identity. B) makes economic systems work perfectly. C) eventually turns all economic losses into profits. D) makes "outsourcing" impossible to achieve.
There is evidence that __________ were the main lobbyists behind passage of the Factory Acts which put restrictions on women and children working in early 19th century England
A) male workers B) female workers C) child-care advocates D) factory owners
Refer to the above graph of a representative firm in monopolistic competition. What does line 3 represent?
A. Marginal revenue B. Demand C. Average total cost D. Marginal cost