If the marginal propensity to consume (MPC) is 0.75, and if the goal is to increase real GDP by $400 million, then by how much would government spending have to change to generate this increase in real GDP?
a. $140 million.
b. $100 million.
c. $200 million.
d. $400 million.
b
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Which of the following nations is NOT part of OPEC?
A. Kuwait B. Indonesia C. Iran D. Mexico
The total factor productivity of railroads increased dramatically in the antebellum period. All of the following factors are responsible for the increase in productivity except:
a. standardization of the gauge of railroad tracks. b. the introduction of refrigerated railroad cars. c. increased size of railroad cars. d. increased use of existing capital.
What is unique about Chinese industrial revolution?
a. It is led by foreign workers b. It is led by international investment c. It is led by rural people through rural industrialization d. It is led by reform leaders. e. none of the above
Which of the following is a reason to study economics?
A. Economic analysis explains daily events. B. It helps us understand why people, firms and government behave in a certain way. C. We need to understand relevant economic applications and policy issues. D. It provides useful logic for solving complex problems. E. All of these