Consumer preferences
a. do not vary from one consumer to another
b. have little to do with personal tastes and income
c. are not influenced by the utility of goods
d. are individual evaluations of goods and services
e. can be objectively measured and compared across individuals
D
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When disposable income is zero, consumption expenditure is
A) also zero. B) negative. C) equal to induced consumption expenditure. D) equal to autonomous consumption. E) None of the above answers is correct.
On the long-run aggregate supply curve
A) an increase in the price level reduces the aggregate quantity of GDP supplied. B) an increase in the price level has no effect on the aggregate quantity of GDP supplied. C) an increase in the price level increases the level of potential GDP. D) an increase in the price level increases the aggregate quantity of GDP supplied.