Saving is
A. the difference between real GDP and disposable income while savings is the difference between disposable income and consumption spending.
B. the difference between disposable income and spending on goods and services while savings is the difference between real GDP and disposable income.
C. the amount one does not consume in a given period of time while savings is the accumulation of past periods of saving.
D. the accumulation of past periods of savings while savings is the amount of disposable income that is not consumed in a given period of time.
Answer: C
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A. $5.00. B. greater than $4.50 but no more than $5.00. C. at least $5.00. D. $4.50.
Almost all of the rent that tenants pay to landlords of apartments buildings is economic rent.
Answer the following statement true (T) or false (F)
The assumption that prices and wages are flexible implies that the:
A. short-run aggregate supply curve is irrelevant. B. long-run aggregate supply curve is irrelevant. C. long-run aggregate supply curve could not shift. D. short-run aggregate supply curve shifts slowly in response to deviations of current output from potential output.