In the figure above, real income in terms of bags of corn chips is shown by point
A) a.
B) b.
C) c.
D) d.
D
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Marginal propensity to consume
A) is the amount of consumption that is independent of the level of disposable income. B) is the same as the break-even point. C) is the proportion of total disposable income that is consumed. D) gives the amount a person changes planned consumption for a change in real disposable income.
Refer to Table 8-18. What is real GDP in 2016, using 2011 as the base year?
A) $28,885 B) $11,790 C) $11,200 D) $10,275
Tobin's model of the speculative demand for money shows that people can reduce their ________ by ________ their asset holdings
A) wealth; diversifying B) risk; specializing C) return; diversifying D) risk; diversifying
It usually takes less time to buy a six-pack of 7-Up, a loaf of bread, and a half-gallon of ice cream at a small convenience store (such as a 7-Eleven) than at a large, full-service grocery store. Which of the following persons is most likely to buy these items at a convenience store?
A) a person with a high opportunity cost of time B) a person with a low opportunity cost of time C) a person who is out of work D) a person who works at a full-service grocery store