Refer to the above table. The table gives the combinations of real disposable income and real consumption for a college student for a year. What is the value of the marginal propensity to consume?
A) 0.7 B) 1 C) 0.3 D) 0
A
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Discount rates are __________ every two weeks by the directors of each regional Federal Reserve Bank but are __________ by the Board of Governors
A) determined; established B) established; determined C) recommended; established D) determined; recommended
Which of the following is a public good?
a. An economics lecture. b. A television set. c. Higher education. d. Housing. e. Clean air
If there are many firms participating in a market, the market is either
a. an oligopoly or monopolistically competitive. b. perfectly competitive or monopolistically competitive. c. an oligopoly or perfectly competitive. d. an oligopoly or a cartel.
Since the end of World War II, the U.S. has almost always had rising prices and an upward trend in real GDP. To explain this
a. it is only necessary that long-run aggregate supply shifts right over time. b. it is only necessary that aggregate demand shifts right over time. c. both aggregate demand and long-run aggregate supply must be shifting right and aggregate demand must be shifting farther. d. None of the above cases would produce rising prices and growing real GDP over time.