Which of the following is NOT an economic resource?
A) money
B) low-skilled labor
C) coal
D) an engineer
A
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If disposable income increases from $5 trillion to $6 trillion and, as a result, consumption expenditure increases from $7 trillion to $7.8 trillion, the MPC is
A) 1.0. B) 6 ÷ 7 = 0.86. C) 6 ÷ 7.8 = 0.77. D) 5 ÷ 7 = 0.71. E) 0.8.
When federal regulations protect birds, such as the spotted owl, lumber prices rise because
A) there is less supply of available timber. B) there is less demand for available timber. C) there is more supply of available timber. D) there is more demand for available timber.
An agreement with another country in which it agrees to import more from the United States is called a
A) VRA. B) VIE. C) VAR. D) VAT.
Charging different prices to different individuals or groups for the same product is called:
A. price discrimination. B. price differentiation. C. quantity discrimination. D. market segmentation.