Positive statements contain mostly
A) opinions and conditions.
B) facts and predictions.
C) bias.
D) logical arguments mixed with statements of opinion.
Answer: B
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Marginal cost is
A) all the costs of the fixed inputs. B) all the costs of production of goods. C) all the costs that vary with output. D) the change in the total cost resulting from a one-unit change in output.
If the slope of a demand curve is equal to -0.1 then
A) the demand is elastic at low prices and inelastic at high prices. B) as price increases by 10 percent quantity demanded decreases by 1 percent. C) we don't know whether the demand is elastic or inelastic. D) demand is inelastic.
Autonomous consumption is defined as
A) the level of real consumption spending that is independent of real disposable income. B) the real consumption spending by the autonomous government. C) the level of real consumption spending that is equal to real disposable income. D) the consumption of foreign-made goods independent of exchange rates.
Use the above table. The MPS is
A) 0.91. B) 0.80. C) 0.20. D) 0.09.