The system we use to measure the value of an economy is called:
A. national income accounting.
B. national economic valuation.
C. macroeconomic summation.
D. national expenditure accounting.
A. national income accounting.
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The average propensity to consume (APC) is
A) the rate at which real consumption spending changes over time. B) the percentage of real disposable income saved. C) the percentage of additional real disposable income that will go toward additional consumption spending. D) the percentage of real disposable income consumed.
How does the price system cope with depletable resources?
What will be an ideal response?
By looking at the graph showing the poverty rate from 1959 to 2016, you can see that during a recession, poverty rates usually ______.
a. increase
b. decrease
c. stabilize
d. are unmeasurable
If the firm in Figure 23.4 raised the price of its product above $4, the firm would
A. Increase its profits. B. Reduce its total revenue to zero. C. Not affect revenues but increase profits because costs would decrease. D. Increase its total revenue but not its profits because costs would increase.