The slope of the saving function is equal to # randomize
A. The MPS
B. The MPC
C. 1- MPS
D. 1+ MPS
Answer: A. The MPS
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Which of the following could generate economic profits for perfectly competitive firms in the short run, if they initially earn zero economic profits?
A) a fall in demand B) a unit tax on output C) an increase in total fixed costs D) a decrease in input prices
Suppose that David buys the same number of energy drinks every weekend no matter what happens to the price of the energy drinks. What does this suggest about David's demand for energy drinks?
A. It is elastic. B. It is perfectly inelastic. C. It is unit elastic. D. It is not something that can be characterized without knowing the prices of the energy drinks.
Most economists agree that government efforts in economic development must be:
A. Employed to substitute for private efforts B. Designed to support private efforts C. The sole driver of economic development D. Kept at a minimum because we can always rely on markets
What was not true about the New England colonial economy?
a. Fishing was a major economic activity. b. It was a net importer of food and fiber. c. Shipping was a major economic activity. d. It was the most productive area in terms of agriculture.