Human beings
A) have unlimited wants.
B) think they have unlimited wants, but really have limited needs.
C) have limited wants, but unlimited needs.
D) know what their needs are, but do not know what their wants are.
Answer: A
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As a percentage of GDP, U.S. imports have been ________ and U.S. imports have been ________ since 1950
A) growing; declining B) declining; growing C) growing; growing D) declining; declining
Identify the correct mathematical relationship between the marginal propensity to consume (MPC) and the marginal propensity to save (MPS)
a. MPC + MPS = 1 b. MPC – MPS = 1 c. MPC × MPS = 1 d. MPS + MPC = 0
Steve uses $300 from his paycheck to pay off his credit card balance. Based on this information:
A. Steve's saving has decreased by $300. B. Steve's saving has increased by $300. C. Steve has a capital loss of $300. D. Steve's wealth is unchanged.
A decline in the stock market, which makes consumers poorer, would cause
A) the aggregate demand curve to shift to the right. B) the aggregate demand curve to shift to the left. C) a movement down and to the right along the aggregate demand curve. D) a movement up and to the left along the aggregate demand curve.