Refer to the information provided in Table 23.3 below to answer the question(s) that follow. Table 23.3
Refer to Table 23.3. Assuming society's MPC is constant at an aggregate of income of $2,000, aggregate consumption would be
A. $1,500.
B. $1,600.
C. $1,700.
D. $1,800.
Answer: C
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All of the following observations concerning the elasticity formula are true except
A. the changes with which it deals is measured as a percentage change. B. each of the percentage changes is calculated in terms of the average values. C. the calculation considers both positive and negative signs. D. each percentage change is taken as an “absolute value.”
Bob invests $75 in an investment that has a 50% chance of being worth $100 and a 50% chance of being worth $0. From this information we can conclude that Bob is
A) risk preferring. B) risk neutral. C) risk averse. D) irrational.
The Cobb-Douglas production function has which of the following properties?
a. output is a linear increasing function of each of the inputs b. it provides a good fit to the traditional S-shaped production function c. the elasticity of production is constant and equal to 1 minus the exponent of the appropriate variable d. all of the above e. none of the above
According to economists, productivity can be increased by
a. improving the education of workers b. restricting trade with the foreign countries c. raising minimum wages d. raising union wages