Consumption is a function of _____.
Fill in the blank(s) with the appropriate word(s).
disposable income
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A nation's standard of living, as measured by real GDP per person, increases:
A. only if the share of population employed increases. B. if either average labor productivity and/or the share of population employed increase. C. only if both average labor productivity and the share of population employed increase. D. only if average labor productivity increases.
If one adopts a pure free-market approach to depletable resources, then one can expect the price of resources to
A. rise steadily. B. fall steadily. C. fluctuate in a random-walk fashion. D. remain unchanged.
For an individual's supply curve of labor to be upward sloping:
a. the substitution effect must be greater than the income effect. b. the substitution effect must be equal to the income effect. c. the substitution effect must be less than the income effect. d. is an impossibility.
If the quantity of money supplied is greater than the quantity demanded, then prices should fall
a. True b. False Indicate whether the statement is true or false