The marginal propensity to save (MPS) is computed as the change in:
a. savings divided by the change in saving.
b. savings divided by the change in disposable personal income.
c. saving divided by the change in GDP.
d. None of these.
b
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Property rights
A) are essentially arbitrary. Therefore, rearranging them will have few effects. B) do not really exist except in a capitalist society. C) are a major part of the "rules of the game", which govern economic activity. D) prevent people from cooperating in the most effective way. E) are different from human rights.
A supplier of paper napkins to the fast food industry is unlikely to have significant bargaining power
Indicate whether the statement is true or false
What would be the profits for Irene's Dairy in equilibrium?
a. 5 million loss b. 5 million c. 10 million d. 20 million
Oligopoly is a situation when there
A) is one firm in the industry that is large relative to the size of the economy. B) are a few large firms in the industry. C) are too many firms in the industry and there is excess capacity. D) is one large firm and many smaller firms forming a competitive fringe.