A decrease in wealth ________ consumption expenditure and ________
A) increases; shifts the consumption function upward
B) increases; shifts the consumption function downward
C) decreases; results in a movement downward along the consumption function
D) decreases; shifts the consumption function downward
E) decreases; shifts the consumption function upward
D
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The development of a strain of wheat that will yield two crops per year rather than one crop per year is an example of economic growth resulting from
A) increased gross investment. B) technological progress. C) an increase in per capita real income. D) capital accumulation.
At Phil's Pretzel Stand, we found the following: 4 laborers produced 66 pretzels 5 laborers produced 76 pretzels 6 laborers produced 85 pretzels 7 laborers produced 88 pretzels What was the marginal product of the sixth laborer?
A) 10 pretzels B) 9 pretzels C) 6 pretzels D) 3 pretzels