________ consumption is consumption that does not depend upon the level of GDP
A) Disposable B) Voluntary C) Induced D) Autonomous
D
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The tendency of opportunity cost to increase as production increases
A. is an example of theory that has not been proven by facts. B. is a general principle, but not a universal fact. C. is a universal fact, with no known exceptions. D. rarely holds in reality, but is a useful theory. E. cannot be tested with standard economic tools.
Which of the following will decrease the demand for fast-food burger workers' labor?
a. More people start working two jobs and eat more fast food. b. The price of pizza, a substitute for burgers, decreases. c. A new technology allows burgers to be produced faster. d. Workers get additional training that increases productivity. e. Workers form a union and get higher wages.
What will happen to the equilibrium price and quantity of new cars if the price of gasoline rises, the price of steel rises, public transportation becomes cheaper and more comfortable, and auto-workers negotiate higher wages?
a. Price will fall, and the effect on quantity is ambiguous. b. Price will rise, and the effect on quantity is ambiguous. c. Quantity will fall, and the effect on price is ambiguous. d. Quantity will rise, and the effect on price is ambiguous.
Which could be sources of funding for a government that wants to increase government expenditures?
A. both taxes and borrowing B. borrowing only C. neither taxes nor borrowing D. taxes only