What is the shape of the total revenue curve derived from a linear downward sloping demand curve?
A) Horizontal
B) Vertical
C) U-shaped
D) Inverted u-shaped
D
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In the above figure, the marginal propensity to consume (MPC) equals
A) 0.9. B) 0.75. C) 0.8. D) 0.85.
A high degree of concentration in a market suggests that firms in that market:
A. have the power to control prices. B. are perfectly competitive. C. cannot act strategically. D. have formed an illegal cartel.
Inflation is best defined as
A. a sustained increase in the price of ALL goods and services in an economy. B. a sustained increase in the average of all prices of goods and services in an economy. C. a sustained increase in the price of a single good or service. D. a relative price increase.
By not counting the value of intermediate goods when calculating GDP, you avoid
A. year-to-date calculations. B. deficit spending. C. black-market accounting. D. double counting.