In the Malthusian model, the population growth rate is
A) exogenous.
B) positively related to consumption per worker.
C) negatively related to consumption per worker.
D) assumed to be constant.
B
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The U-shaped average total cost curve is
A) a result of firms' wanting to find the output level where cost is at its minimum. B) unrealistic because average total cost always increases as output increases. C) the result of average fixed cost falling and decreasing marginal returns as output increases. D) a result of constant marginal returns. E) a result of increasing marginal returns.
The government component (G) of total output includes goods and services purchased by
A. the federal government plus transfer payments. B. all government institutions plus transfer payments. C. all government institutions. D. all government institutions plus tax revenues.
Briefly explain why the federal income tax is considered a progressive tax.
What will be an ideal response?
Which group aids the Board of Governors of the Federal Reserve System in conducting monetary policy?
A. Federal Advisory Council B. Federal Open Market Committee C. U.S. Congress D. U.S. Treasury