If average labor productivity decreases while population and the number of employed workers remain constant, then output per person:
A. may increase or decrease.
B. decreases.
C. increases.
D. remains constant.
Answer: B
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If the consumption function is C = 25 + 0.9y and income increases by $100, then savings will increase by
A) $10. B) $25. C) $90. D) $115.
According to the law of supply, producers will
A) change their consumption plans when the price of a good changes. B) change their supply when the price of a good changes. C) change their production plans when the price of a good changes. D) increase their quantity supplied when the price of a good decreases. E) decrease their quantity supplied when the price of a good increases.
In 1960, national defense comprised about _____ of federal government expenditures
a. one quarter b. one-third c. one half d. two-thirds
When will stabilization policy be most effective in combating recessions?
a. when AS is flat b. when AS is very steep c. when AS has a moderately upward slope d. when AS has a moderately downward slope.