Which of the following is most likely to be a fixed resource for the Speedy Word Processing and Résumé Company?
a. floppy disks
b. typists
c. computer terminals
d. electricity
e. paper
C
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If the MPC equals 0.75, then
A) for every $100 increase in consumption, real Gross Domestic Product (GDP) increases by $75. B) for every $100 increase in real Gross Domestic Product (GDP), saving increases by $25. C) consumption is always more than real Gross Domestic Product (GDP). D) for every $100 increase in real Gross Domestic Product (GDP), saving increases by $75.
The rational expectations hypothesis implies that when macroeconomic policy changes
A) the economy will become highly unstable. B) the way expectations are formed will change. C) people will be slow to catch on to the change. D) people will make systematic mistakes.
Refer to the above graph of the representative firm in monopolistic competition. Marginal revenue and marginal cost intersect at point:
A. a. B. b. C. c. D. d.
The production possibilities curve (PPC) illustrates economic growth by a(n)
A) bowed-out shape of the PPC. B) outward shift of the PPC. C) inward shift of the PPC. D) movement along the PPC.