Let C = 80 + 0.6y and I = 40. The value of the MPS is
A) 0.24. B) 0.4. C) 0.48. D) 0.6.
B
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An example of third parties in the market of automobiles is
A) a pedestrian that is affected by the polluted air from automobiles. B) a producer of automobiles. C) a consumer of automobiles. D) None of the above belongs to third parties.
Households are vital to the circular flow model in what two ways?
A. They supply factors of production and purchase goods and services. B. They export goods and services and import goods and services. C. They vote for political officers and pay taxes. D. They facilitate exchange between consumers and firms.
Which of the following described the monopolist’s marginal revenue curve on a graph?
a. Lies above the demand curve b. Is the same as the demand curve c. Lies below the demand curve d. Is a horizontal line at market price
Which of the following is not a correct statement about the growth of real GDP in the U.S. economy?
a. Real GDP in 2009 was almost four times its 1965 level. b. Growth was steady between 1965 and 2009. c. Continued growth in real GDP enables the typical American to enjoy greater economic prosperity than his or her parents and grandparents did. d. The output of goods and services produced grew on average about 3 percent per year between 1965 and 2009.