If an economy initially starts away from the steady state ________
A) output will gradually fall over time
B) the economy will converge to the steady state in the long-run
C) consumption spending must be greater than investment spending
D) consumption spending must rise
B
Economics
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A util:
a. can measure satisfaction with factual accuracy. b. is not a valid concept. c. applies to a good but not to a service. d. is purely a fictitious measure of the satisfaction a consumer derives from a product. e. can be used in place of money in some countries.
Economics
That part of disposable income not spent on consumption is:
a. saved. b. invested. c. wasted. d. borrowed.
Economics