If product price decreases, then:
a. MP will increase.
b. MFC will increase.
c. MRP will increase.
d. MRP will decrease.
d
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In the classical model, the aggregate supply curve is
A) horizontal. B) vertical. C) upward sloping. D) downward sloping.
When we graph consumption as a function of ________ rather than as a function of disposable income, the slope of this consumption function is ________
A) national income; the MPS B) personal income; the MPS C) personal income; (MPC - MPS) D) national income; the MPC
Suppose that a country experiences growth strongly biased toward its export, cloth
A) this will tend to worsen the country's terms of trade. B) this will tend to improve the country's terms of trade. C) this will tend to leave the country's terms of trade unchanged. D) this will tend to worsen the terms of trade for the country's trading partner. E) this will increase the price of cloth relative to the imported good.
Suppose Jack and Kate are at the town fair and are choosing which game to play. The first game has a bag with four marbles in it-1 red marble and 3 blue ones. The player draws one marble from the bag; if it is red, they win $20 and if it is blue, they win $1. The second game has a bag with 10 marbles in it-1 red, 4 blue, and 5 green. The player draws one marble from the bag; if it is red, they win $20; if it is blue, they win $5; and if it is green, they win $1. Both games cost $5 to play. Jack is considering whether to play the first game. If Jack only cares about the expected value of the outcome and does not care about risk, he should:
A. not play the game, since it costs $5 and the expected payoff is $5.75. B. play the game since it costs $5, and the expected payoff is $5.75. C. play the game since it costs $5.75 and the expected payoff is $5. D. not play the game since it costs $5.75 and the expected payoff is $5.