Refer to the information provided in Table 22.3 below to answer the question(s) that follow. Table 22.3 PointAggregate Income (Y)Aggregate Consumption (C) A 15 19 B 30 23 C 45 27 D 60 31 E 75 35 F 90 39The data in the table was used to estimate the following consumption function: C = 20 + 0.2YRefer to Table 22.3. The error for point F is equal to
A. -3.
B. -1.
C. +1.
D. +2.
Answer: B
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As more economic development occurs
A) the population growth rate increases. B) technological progress slows. C) capital accumulation decreases. D) the population growth rate decreases.
Changes in which of the following do NOT affect the natural unemployment rate?
A) the quantity of money B) the minimum wage C) unemployment benefits D) structural change E) the birth rate or other demographic data
Suppose that a hurricane destroys part of the tobacco crop in North Carolina
What willhappen to the price of tobacco? What will happen to the marginal product of tobacco field workers as a result of the hurricane? Can we tell what will happen to the demand for tobacco field workers? Explain.
Why does producer surplus decrease as price decreases?
A. Producers sell less of the good while consumers buy even more of the good. B. Consumers buy more of the good at the lower price. C. Producers sell less of the good and receive less from the lower price. D. Producers sell more of the good but receive less from the lower price.