Which of the following is not an inferior good?
a. navy beans
b. black and white television
c. cheap wine
d. used textbook
e. butter
E
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When Ronald takes another economics class, other people in society benefit. The benefit to these other people is called the marginal ________ benefit of the class
A) social B) private C) external D) Coasian E) extra
If the federal government balanced its budget, its tax revenues would be equal to its expenditures.
Answer the following statement true (T) or false (F)
Which of the following statements is (are) true?
A) A model is a set of simplifying assumptions about some aspect of the real world. B) Models are based on assumed conditions that are simpler than those of the real world. C) A model cannot be a complete representation of the real world. D) All of the above are true.
The consumption function shows the relationship between:
A. planned consumption expenditures and disposable income. B. permanent income and savings. C. business inventory and real GDP. D. aggregate demand and aggregate consumption.