When disposable income increases from $7 trillion to $7.5 trillion, consumption expenditure increases from $6.5 trillion to $6.9 trillion. The MPS equals
a) 0.75
b) 0.76
c) 0.8
d) 0.2
d) 0.2
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Use the following table, which shows a firm's production, output price, and various quantities of labor (workers) employed, to answer the next question.WorkersTotal Output per DayPrice of Good210$103151041910522106241072510What is the marginal revenue product of the fifth worker?
A. $40 B. $30 C. $20 D. $10
Refer to the table below. Relative to Free Cows, the quantity that maximizes the expected profit for Happy Cows is ________ sensitive to demand changes, which makes an accurate forecast ________ valuable to the managers of Happy Cows.
Happy Cows and Free Cows are two separate perfectly competitive dairy farms. The table above shows the respective firms' marginal cost at various production levels.
A) less; more
B) more; less
C) more; more
D) less; less
The Phillips curve fails to provide a consistent explanation for macroeconomic performance in the United States in the 1960s
a. True b. False Indicate whether the statement is true or false
Which of the following is best explained with behavioral economics rather than traditional economics? a. How people purchase apples from a grocery store
b. How people make tradeoffs between labor and leisure c. How firms choose prices to maximize profits d. How people tend to be overconfident in certain situations