The marginal propensity to consume (MPC) is the slope of the:
a. GDP curve.
b. disposable income curve.
c. consumption function.
d. autonomous consumption curve.
c
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Refer to Figure 8.1. If Charla and Mirna agree to pay each other $350 to install the pollution-control device on their heating systems, the dominant strategy for the players would be for Charla to play ________ and for Mirna to play ________
A) Install; Install B) Install; Don't Install C) Don't Install; Install D) Don't Install; Don't Install
In a perfectly competitive market, all of the following are true EXCEPT:
A. firms take prices as given. B. firms produce the quantity for which marginal cost equals price. C. firms can increase profits by charging a price higher than the market price. D. buyers take prices as given.
For given inputs of labor and capital, if technology is more primitive, labor productivity will be
a. higher. b. lower. c. unchanged. d. characterized by increasing returns to scale.
Net exports is a positive number when:
A. a nation's exports of goods and services exceed its imports. B. depreciation is greater than gross private domestic investment. C. gross private domestic investment is greater than depreciation. D. a nation's imports of goods and services exceed its exports.