Spending by businesses on things such as machines and buildings which can be used to produce goods and services in the future is
A) investment. B) savings.
C) consumption. D) consumption goods.
A
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A sales tax is a type of consumption tax
a. True b. False
An externality can best be defined as
A) a party not directly involved in a transaction. B) a consequence of a transaction that spills over to affect third parties. C) a right of an owner to use and exchange property. D) a cost associated with the production of one more unit of output.
Suppose a tax cut affected aggregate demand and aggregate supply. The shift in aggregate supply would make the
a. price level and real GDP change by more than otherwise. b. price level change by more than otherwise and real GDP change by less than otherwise. c. price level change by less than otherwise and real GDP change by more than otherwise. d. price level and real GDP change by more than otherwise.
The utility that people experience from the consumption of a good depends on
A) their income level. B) their tastes and preferences. C) total sales of the good. D) how much shopping time they spent obtaining the good.