In a closed economy that does not have international trade, the spending multiplier equals _____
a. 1/MPS
b. 1/MPC
c. 1/(MPC-1)
d. 1/(1-MPS)
e. 1/(1+MPS)
a
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Every society must follow some kinds of criteria to determine who gets what. Examples of such criteria include
A) age. B) gender. C) height. D) willingness to pay. E) all of the above.
________ is the process of putting ideas or thoughts into symbolic form
a. Sourcing b. Encoding c. Decoding d. Sending
Thomas Robert Malthus believed
A) that food supplies would always be more than sufficient to feed the world's population. B) that the world's population would eventually outstrip food supplies. C) that population growth was good for the world. D) that population growth would eventually lead to an increase in the quality of life for everyone.
The slope of the indifference curve for goods X and Y is called the marginal:
a. product rate. b. rate of transformation. c. rate of substitution. d. rate of utility.