The slope of the _________________ is determined by the relative price of the two goods, which is calculated by taking the price of one good and dividing it by the price of the other good.
A. Opportunity cost
B. productive efficiency
C. budget constraint
D. production possibilities frontier
c. budget constaint
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The marginal propensity to consume measures the ratio of the:
a. average amount of our income that we spend. b. average amount of our savings that we spend. c. change in consumer spending to a change in money holdings. d. change in consumer spending to a change in interest rates. e. change in consumer spending to a change in income.
Monopolistic competitors have some control over the price of their products.
Answer the following statement true (T) or false (F)
The largest component of spending in GDP is
A) consumption spending. B) investment spending. C) government spending. D) net export spending.
If an economy begins to use its resources less efficiently, it will move
A. to a point farther away from its ppf. B. from a point along its ppf to a point outside its ppf. C. to a point closer to its ppf. D. from one point to another point along its ppf.