The average propensity to consume is
A) real consumption expenditures divided by real saving.
B) real saving divided by real consumption expenditures.
C) real consumption expenditures divided by real disposable income.
D) real disposable income divided by real consumption expenditures.
C
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A small business owner earns $60,000 in revenue annually. The explicit annual costs equal $40,000. The owner could work for someone else and earn $25,000 annually. The owner's accounting profit is ________ and owner's economic profit is ________
A) $20,000, $5,000 B) $20,000, -$5,000 C) $25,000, -$5,000 D) $45,000, -$5,000
The demand and supply of a product is given in the above table. A unit tax of $2 is imposed on the product. The equilibrium quantity for this product after the tax is imposed is equal to
A) 30 units. B) 25 units. C) 20 units. D) 15 units.