If national income is $400 billion, autonomous consumption is $60 billion, and MPC is 0.8, what is the level of saving?
a. $20 billion
b. $210 billion
c. $380 billion
d. $590 billion
e. $780 billion
A
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Use the following table to answer the question below.Alexandra's Production Possibilities ScheduleNatalia's Production Possibilities ScheduleNumber of Scarfs Knitted per dayNumber of Sweaters Knitted per dayNumber of Scarfs Knitted per hourNumber of Sweaters Knitted per hour040433236242916112080If they are given 3 days to work how many sweaters could Natalia make if she spent the whole time knitting scarves?
A. 4 B. 16 C. 12 D. 24
A chain-weighted index
A) calculates changes in prices by using an average of base years from neighboring years to obtain a more accurate measure of real GDP growth. B) is used to understate the rate of inflation. C) is a useful tool for determining which fence to purchase. D) uses neighboring years' data to calculate changes in nominal GDP.
Economic surplus is maximized in a competitive market when
A) producers sell the quantity that consumers are willing to buy. B) demand is equal to supply. C) marginal benefit equals marginal cost. D) the deadweight loss equals the sum of consumer surplus and producer surplus.
An economy growing at a steady rate of 3.1 percent per year doubles in size approximately every __________ years
A) 40 B) 23 C) 32 D) 16