The relationship between consumption and income is the
a. spending function
b. consumption function
c. autonomous consumption
d. household consumer spending
e. household spending function
B
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The labor force is the sum of the working-age population and the number of unemployed people
Indicate whether the statement is true or false
Does globalization promote economic growth, and how does globalization affect the welfare of a given country's citizens?
What will be an ideal response?
We may note that unemployment:
A. exists at any time during the business cycle. B. only occurs during times of recession. C. is highest during times of economic booms. D. tends to increase during times of economic recovery.
You are the newly appointed sales manager of the Rock Computer Tablets Company and have been charged with the task of increasing revenues. Your economics consultants have informed you that at present price and output levels, price elasticity of demand for your product is less than one. You should:
A. Decrease prices B. Increase prices C. Hold prices constant and increase supply D. Cut advertising expenditures to save money