The percentage share of income of the bottom quintile on curve X is
A. 0.
B. 5.
C. 10.
D. 15.
B. 5.
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The marginal propensity to consume is the slope of the consumption function
Indicate whether the statement is true or false
From 2002 to 2003, personal income rose by $352 billion. If the MPC = 0.9, then personal consumption expenditures rose by
a. $31.68 billion b. $35.2 billion c. $3.52 billion d. $387.2 billion e. $316.8 billion
The equilibrium price of a good in market A is $24. The current price of the good in market A is $21. At this price, a(n) ________________________ of the good exists in market A
A) surplus B) shortage C) excess supply D) excess demand E) b and d
Comparative advantage occurs when a person or a country can produce a good or service at a lower ____ than others.
A. fixed cost B. variable cost C. opportunity cost D. total cost