Apple Computer developed Apple's new iTunes Music Store, which offers more than 200,000 songs from five major record labels, for use with Apple's iPod and iMac. More than a million songs were downloaded the first week alone! In economic terms, CEO Tim Cook helped convert capital and labor inputs into products consumers use. Any activity that results in the conversion of resources into products that can be used in consumption is
A. production.
B. demand.
C. a start up venture.
D. not profitable.
Answer: A
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Refer to the above figure. Line ACE is called
A) the consumption function. B) the saving function. C) the savings function. D) the 45-degree line.
Which component of U.S. household spending has grown the most over the past ten years?
a. taxes b. savings c. spending on services d. spending on nondurable goods e. spending on durable goods
Compared to the present value of a high school education, the present value of at least a college education is
a. 100 times as great b. nearly double c. the same d. about half e. Present value cannot be used to analyze education
An empty core is more likely if the individuals in a group own highly complementary resources
Indicate whether the statement is true or false