Refer to the given diagram. The marginal propensity to save is:
A. CD/EF.
B. CB/CF.
C. CB/AF.
D. EF/CB.
A. CD/EF.
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Crude oil can be refined into home heating oil or gasoline. If very cold weather caused the price of home heating oil to increase then, the
A) supply of gasoline would increase. B) demand for gasoline would increase. C) equilibrium price of gasoline would rise. D) Both answers A and C are correct.
The distribution of income in the United States became more unequal in the 1990s. One explanation for this trend is that advances in information technologies have ________ low-skilled labor and ________ high-skilled labor
A) decreased the demand for; increased the demand for B) increased the demand for; decreased the demand for C) decreased the supply of; increased the supply of D) increased the supply of; decreased the supply of
"Optimal input curve analysis is useless. Since firms never know the demand for their product with certainty, they will rarely operate at the optimal input combination." Agree or disagree?
A Lorenz curve is a geometric representation of the:
A. behavior of income over time. B. level of income earned by a given family in a given country at a given time. C. behavior of income across countries. D. share distribution of income among families in a given country at a given time.