The consumption that is greater than zero when national income is zero is
a. permanent consumption
b. induced consumption
c. nondependent consumption
d. autonomous consumption
e. automatic consumption
D
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Which of the following is a shortcoming of the nominal, effective exchange rate?
a. The nominal, effective exchange rate does not take price differences into account. b. The nominal, effective exchange rate as a measure is too narrow because it only shows changes in the value of one currency against one other currency. c. The nominal, effective exchange rate is not easy to calculate because there are no data to determine the currency weights. d. The nominal, effective exchange is not a meaningful measure because the differences in inflation are over-emphasized.
The short-run Phillips Curve intersects the long-run Phillips Curve at the:
A. Nominal rate of interest B. Current rate of inflation C. Real interest rate D. Natural rate of unemployment