A possible explanation for a natural phenomenon is called
A. the scientific method.
B. a theory.
C. a value judgment.
D. normative economics.
B. a theory.
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
Which best expresses the law of diminishing marginal utility?
A. The more a product is consumed, the greater the total utility received from the product. B. The less a product is consumed, the smaller the marginal utility received from the product. C. The more a product is consumed, the smaller the total utility received from the product. D. The more a product is consumed, the smaller the marginal utility received from the product.
Let "C = Ca + by" define the consumption function. The term "Ca" is known as
A) induced consumption. B) autonomous consumption. C) the marginal propensity to save. D) the marginal propensity to consume.
The demand for necessities generally is ________ the demand for luxury goods
A) as elastic as B) more elastic than C) less elastic than D) flatter than E) not comparable to