Dissaving occurs when:
a. disposable income is greater than consumption.
b. consumption is greater than disposable income.
c. consumption is equal to disposable income.
d. consumption is greater than personal income.
e. consumption is less than personal income.
b
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Since producers must be compensated for the rising opportunity cost that accompanies increases in output,
a. the law of demand applies to most markets b. supply curves usually slope downward c. demand curves usually slope downward d. supply curves usually slope upward e. technical inefficiency would not exist in the long run
Uncoordinated decisions in perfect competition lead to mass confusion and inefficiency
a. True b. False Indicate whether the statement is true or false
Between 1950 and today there was a
a. 20 percent drop in the number of farmers, but farm output increased by more than ten times. b. 30 percent drop in the number of farmers, but farm output more than tripled. c. 40 percent drop in the number of farmers, but farm output more than doubled. d. 70 percent drop in the number of farmers, but farm output increased by about five times.
A checking deposit functions as
a. a medium of exchange and as a store of value. b. a medium of exchange, but not as a store of value. c. a store of value, but not as a medium of exchange. d. neither a medium of exchange nor as a store of value.