The price of good X is $5 and the price of good Y is $15. If the marginal utility of good X is 20 then the marginal utility of good Y must be ________ to have an optimum combination of goods purchased
A) 4
B) 20
C) 60
D) 80
Answer: C
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The above figure represents the market for teenage workers at fast-food restaurants in Kansas City
a) What is the equilibrium wage rate and employment? b) Describe the market at a wage rate of $6 per hour. c) Describe the market at a wage rate of $12 an hour. d) How would an increase in the number of young, married college graduates, who tend to eat at fast-food restaurants, affect the figure, the equilibrium wage rate, and employment?
Which of the following correctly describes the marginal propensity to consume?
a. The change in savings divided by the change in consumption. b. The change in consumption spending divided by the change in disposable income. c. The change in real disposable income divided by the change in consumption. d. The change in savings divided by the change in disposable income.
All of the following are true about electronic funds transfers except:
A. sometimes involve the Federal Reserve sending electronic images of checks to banks. B. include automated clearinghouse transactions (ACH). C. include credit card payments made online. D. occur when banks or individuals deposit/withdraw from one bank account to another electronically.
In Figure 15-2 above, the difference between consumption levels at point A and point B is equal to
A) the long run MPC times the change in disposable income. B) the short run MPC times the change in disposable income. C) (Y0 - Y2 ) times the short run change in income. D) the long run change in income times (Y0 - YP).