In ________ the United States Congress created the Federal Trade Commission.
A. 1787
B. 1890
C. 1914
D. 1950
Answer: C
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If leisure is an inferior good, then an increase in wages will cause workers to work more.
Answer the following statement true (T) or false (F)
The marginal propensity to consume is
a. the change in income divided by the change in consumption b. consumption spending divided by income c. income divided by consumption spending d. the change in consumption divided by the change in income e. the change in consumption divided by income
When the marginal revenue product of an input is less than its price, the
a. producer should expand the use of that input. b. price of the input will automatically rise in a free market. c. producer should reduce the use of that input. d. marginal physical product of that input must be below its average physical product.
When we say that money is fungible, we mean that a dollar spent out of your savings account:
A. is earmarked for a purpose and can't be spent on everyday expenses like groceries. B. is exactly the same as a dollar spent from your checking account. C. is not substitutable with any other dollar you have. D. is worth more than the dollar you have in your pocket.