When a seller of one good requires a buyer to purchase other goods as part of the deal it is called
a. exclusive dealing
b. a tying contract
c. an interlocking directorate
d. price discrimination
b
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Suppose the government increases government spending and increases taxes by the same amount to pay for it. We would predict ________.
A. real GDP will increase B. the effect on real GDP depends on the size of the MPC C. real GDP will fall D. real GDP will not change
_____________ is the utility derived from the payoff and the gamble itself
Fill in the blank(s) with the appropriate word(s).
The bowed shape of the traditional production possibilities curve reflects the
A) negative side effects of economic growth. B) fact that not all resources are equally well-suited to producing all goods. C) costs of unemployment. D) problems of inequality.
The marginal propensity to consume (MPC)
A. is greater than 1 only if the marginal propensity to save is greater than 1. B. shows how much of an extra dollar of real disposable income is spent. C. shows how much real disposable income changes when consumption falls. D. shows the percentage of real disposable income consumed at each level of income.