If the MPC is .6, the multiplier is __________.
Fill in the blank(s) with the appropriate word(s).
2.5
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Checking exchange rates, you find $1 equals 0.75 euros. Then the price of 1 euro is
A) $0.25. B) $0.75. C) $1.33. D) $4.30.
Figure 2-5 shows five different combinations of rockets and cruise ships that a country could manufacture. Suppose it decided to produce 18 rockets and 12 cruise ships. Which of the following would be true?
a. This combination could not be produced.
b. The country will be at point B.
c. The country will be at point C.
d. The country will not be fully utilizing its resources.
e. The country will be at the midpoint of points B and D.
The U-shape of the average variable, average total, and marginal cost curves reflects _____
A) increasing marginal returns. B) decreasing marginal returns. C) both increasing and decreasing marginal returns. D) decreasing marginal product. E) the point that implicit costs become a smaller fraction of total cost as output increases.
Recall the Application about how society will cope with increased demands for entitlement programs to answer the following question(s). This Application addresses the impact of increasing life expectancy and aging populations on the costs of government entitlement programs such as Social Security, Medicare and Medicaid, and examines several possible solutions to the potential problem.According to this Application, in the year 2075, the portion of GDP devoted to spending on Social Security, Medicare and Medicaid is expected to be:
A. significantly less than the share of GDP devoted to these programs today. B. roughly equal to the total amount of GDP today. C. larger than total federal spending's share of GDP today. D. greater than the consumption spending component's share of GDP in 2075.