The wealthy have a ________ marginal propensity to consume.
A. more elastic
B. higher
C. lower
D. less elastic
Answer: C
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Refer to Table 21-2. Using the table above, what is the approximate growth rate of real GDP from 2015 to 2016?
A) -2% B) -1% C) 1% D) 2%
Trading partners should specialize in producing goods in accordance with comparative advantage, then trade and diversify in consumption because
a. out-of-pocket costs of production decline b. free trade areas protect infant industries c. economies of scale are present d. manufacturers face diminishing returns e. more goods are available for consumption
The current system of exchange rates followed by most world economies is a free float
Indicate whether the statement is true or false
Between 1953 and 2007, rising labor productivity contributed more to U.S. economic growth than did increases in inputs.
a. true b. false