Which of the following will most likely cause a shift in the consumption function?
a. a change in consumer confidence
b. a change in national output
c. a change in real GDP
d. a change in disposable income
a
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Consider two individuals, Jesse and April, who hand paint kites and snowboards. Table 3.1 shows how much of each good Jesse and April can paint in one hour. April's opportunity cost of painting one kite is painting
A) 1/12 of a snowboard. B) 1/4 of a snowboard. C) 3 snowboards. D) 4 snowboards.
If a firm wants to maximize profits it should
A) hire lots of capital and very little labor since labor needs to be trained. B) hire unskilled labor rather than skilled labor since unskilled labor is cheaper. C) equate the marginal physical product for each input to the price of the input. D) equate the marginal revenue product for each input to the price of the input.