Suppose the marginal propensity to consume (MPC) is 0.8 and there is a $2,000 increase in autonomous consumption. Given this information, real GDP will increase by
A) $10,000. B) $2,500. C) $1,600. D) $2,000.
A
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________ is the market structure in which there are many rival firms producing differentiated products
A) Perfect competition B) Monopolistic competition C) Monopoly D) Oligopoly
Scarcity refers to a situation in which unlimited wants exceed the limited resources available to fulfill those wants
Indicate whether the statement is true or false
The SRAS is ____; the LRAS is ____
a. upward sloping; upward sloping b. upward sloping; vertical c. vertical; upward sloping d. vertical; vertical
In Eastern Europe and the countries of the former Soviet Union,
a. grave environmental problems plague Eastern Europe. b. the area suffers from widespread illness and countless premature deaths. c. the Aral Sea, once the world's fourth-largest inland sea, is now half its previous size. d. All of the above are correct.