Landon demands more sushi as his income increases. From this we can conclude that, for Landon:
A. sushi is a normal good.
B. sushi is an inferior good.
C. sushi is a complementary good.
D. sushi is a substitute good.
Answer: A
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The present value of $525 received one year from today, assuming an annual rate of return of 5 percent is
a. $551.25 b. $525 c. $500 d. none of the above
The most important determinant of any multiplier in the Keynesian model is
a. the level of planned investment. b. the level of unemployment. c. the marginal propensity to consume. d. the level of excess demand.
According to the production possibilities model, if more resources are allocated to the production of physical and human capital, then all of the following are likely to happen except
A) fewer goods will be produced for consumption today. B) the production possibilities frontier will be shift outward in the future. C) future economic growth is enhanced. D) the country's total production will fall.
Increases in net investment generally result in
A) higher levels of capital stock and lower levels of depreciation. B) lower levels of capital stock and higher levels of depreciation. C) lower levels of capital stock and lower levels of depreciation. D) higher levels of capital stock and higher levels of depreciation.