Output per person must be ________ output per worker.
A. greater than or equal to
B. no more than half the size of
C. equal to
D. less than or equal to
Answer: D
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The smaller the MPC the ________ the expenditure multiplier and the ________ the effect of a change in expenditure on equilibrium output.
A. larger; smaller B. larger; larger C. smaller; smaller D. smaller; larger
Quantity demanded means
A) demand. B) the amount of a good customers need. C) the amount of a good customers ultimately desire. D) the amount of a good customers plan to purchase at a given price. E) the amount of a good suppliers plan to sell.
Refer to the table above. The relative price of beer in terms of wine in B is
A) $4.50. B) 2. C) 4.5. D) $2.00.
A monopolistically competitive industry is characterized by ________ concentration ratios and ________ entry barriers.
A. high; low B. low; low C. low; high D. high; high