The average propensity to save
A. plus the average propensity to consume equals 1.
B. is negative at very high levels of income.
C. varies directly with income; as income rises, the APS falls.
D. minus the average propensity to consume equals 1.
A. plus the average propensity to consume equals 1.
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In a long-run equilibrium in a perfectly competitive market, firms are selling at a price equal to average cost
a. True b. False Indicate whether the statement is true or false
Which of the following best describes gross domestic product (GDP)?
a. The market value of all inputs imported into a domestic economy to produce final goods and services during a period of time such as a year. b. The market value of all final goods and services produced in a nation during a period of time such as a year. c. The quantity of all goods and services produced in a nation during a period of time such as a year. d. The average price of all goods and services produced in a nation during a period of time such as a year.