The above figure plots income and consumption in a nation. In 2007
A) consumption was equal to $25,000 and income was equal to $28,000.
B) consumption was equal to $28,000 and income was equal to $25,000.
C) consumption was equal to $25,000 and income was equal to $25,000.
D) consumption was equal to $27,000 and income was equal to $31,000.
A
You might also like to view...
A decrease in the interest rate could have been caused by the money-demand curve shifting
a) leftward because the price level fall. b) leftward because the price level rose. c) rightward because the price level fell. d) rightward because the price level rose.
Suppose Argyle Sachs has to choose between building a smaller sweater factory and a larger sweater factory
In the following graph, the relationship between costs and output for the smaller factory is represented by the curve ATC1, and the relationship between costs and output for the larger factory is represented by the curve ATC2. a. If Argyle expects to produce 3,600 sweaters per month, should he build a smaller factory or a larger factory? Briefly explain? b. If Argyle expects to produce 5,000 sweaters per month, should he build a smaller factory or a larger factory? Briefly explain. c. If the average cost of producing sweaters is lower in the larger factory when Argyle produces 6,500 sweaters per week, why isn't it also lower when Argyle produces 4,000 sweaters per week?