Figure 8-1
?
Given the scatter diagram in Figure 8-1, what is the MPC (your best estimate)?
A. 1/2
B. 1/3
C. 2/3
D. 1
Answer: C
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The amount by which the federal government's annual expenditures exceed its annual receipts is the
A) federal debt. B) federal government budget deficit. C) federal government budget surplus. D) federal profit.
Assuming convex producer choice sets, the (marginal) technical rate of substitution is equal (in absolute value) to the ratio of input prices at any profit maximizing production plan.
Answer the following statement true (T) or false (F)
Whenever the elasticity value for a demand curve is greater than zero, then the demand is labeled as “elastic.”
Answer the following statement true (T) or false (F)
The FOMC states its overall objectives for interest rates in
A) the Governors' Order. B) the Policy Directive. C) the Federal Reserve Bulletin. D) the Chairman's Order.