The MPC for an economy is:
A. the slope of the consumption schedule or line.
B. the slope of the savings schedule or line.
C. 1 divided by the slope of the consumption schedule or line.
D. 1 divided by the slope of the savings schedule or line.
A. the slope of the consumption schedule or line.
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The demand curve faced by a competitive firm is
a. horizontal. b. downward sloping. c. upward sloping. d. nonexistent.
When individuals use all available information about an economic variable to make a decision, expectations are
A) rational. B) overestimates of reality. C) underestimates of reality. D) accurate.
Over-harvesting of fish in international waters an example of what economic concept?
a. a production externality b. a consumption externality c. marginal social benefits exceeding marginal private benefits d. private marginal costs exceeding marginal social costs
When we measure GDP by income, production, or spending, one is certain to be larger than the others.
a. true b. false