In a market economy, which of the following is most important if one is going to achieve high earnings?
a. willingness to do hard physical work.
b. providing goods and/or services that others value highly.
c. performing an important social function, like teaching.
d. having a membership in a labor union.
B
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In the range of disposable income where the consumption function lies above the 45° line,
A) disposable income is negative. B) saving is negative. C) disposable income equals planned expenditures. D) induced consumption is zero. E) saving is positive.
If whenever one variable increases, another variable also increases, then these two variables are ________ related
A) inversely B) positively C) cross-sectionally D) trend-line E) negatively
If everyone's utility is given equal weight and a change in resource allocation results in one person's gain exceeding another person's loss, we can say that the new allocation
A) is Pareto superior to the original one. B) increases social welfare. C) decreases social welfare. D) is efficient.
In the long run, if the money supply increases: a. most of the resulting rise in nominal GDP will be a result of increases in the exchange rate. b. most of the resulting rise in nominal GDP will be a result of increases in the price level. c. most of the resulting rise in real GDP will be a result of increases in the price level
d. most of the resulting rise in real GDP will be a result of increases in the interest rate. e. most of the resulting rise in real GDP will be a result of increases in aggregate expenditure.