The higher the level of inflation, the stronger the impact of reductions in the personal income tax on real GDP
a. True
b. False
Indicate whether the statement is true or false
False
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A network must be small if network externalities are to be huge
Indicate whether the statement is true or false
The 'WHAT goods and services does the US produce' question can best be answered using data about which of the following?
A. The distribution of output in markets, specifically among manufacturing, services, and agricultural sectors. B. Per capita GDP. C. The distribution of GDP among different income quintiles. D. Productivity.
Suppose that the price of telephones decreases. If more are purchased then:
A. the total utility of telephones will decrease. B. the total utility of telephones will be unchanged. C. the marginal utility of telephones will likely increase. D. the marginal utility of telephones will likely decrease.
If the multiplier is 10, the marginal propensity to consume (MPC) must be
A. 0.09. B. 1.0. C. 0.1. D. 0.9.