Jack lost his job six months ago, and he's been actively looking for a new job ever since. The Bureau of Labor Statistics would classify Jack as
A) unemployed.
B) out of the labor force.
C) a discouraged worker.
D) all of the above.
Answer: A
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The marginal propensity to consume (MPC) is the
A. percentage by which disposable income increases when consumption increases by 1%. B. percentage by which consumption increases when disposable income increases by 1%. C. amount by which disposable income increases when consumption increases by $1. D. amount by which consumption increases when disposable income increases by $1.
Refer to Table 13-2. What is likely to happen to the product's price in the long run?
A) It will fall. B) It will remain constant. C) It will increase. D) This cannot be determined without information on its long-run demand curve.
If one observes that Japan was traditionally a net foreign lender, one could conclude that relative to its international trade and financial partners
A) Japan's intertemporal production possibilities are biased toward present consumption. B) Japan's intertemporal production possibilities are biased toward future consumption. C) Japan's intertemporal production possibilities are larger than that of the other countries. D) Japan's intertemporal production possibilities are not biased. E) Japan preferred to consume beyond its production in the present.
During the 2007-2009 financial crisis, many households found themselves with negative wealth (debts to repay) and a binding borrowing constraint. Describe the income and substitution effects of a decrease in the real interest rate
What will be an ideal response?