If consumption is $800 when disposable income is $1,000 . the marginal propensity to consume (MPC) must be 0.80
a. True
b. False
Indicate whether the statement is true or false
False
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What is a Lorenz curve and what is a Gini coefficient?
. What will be an ideal response?
Economic mobility in the United States is so great that fewer than
a. 3 percent of families are poor for 8 or more years. b. 5 percent of families are poor for 8 or more years. c. 8 percent of families are poor for 8 or more years. d. 10 percent of families are poor for 8 or more years.
The forgone income that the owner of a business could have made by spending time working in another job is called:
A. total cost. B. explicit cost. C. opportunity cost. D. marginal cost.
If a hurricane were to wipe out the majority of the eastern seaboard in the United States:
A. neither the short-run nor long-run aggregate supply curves would be affected. B. only the long-run aggregate supply curve would shift left. C. only the short-run aggregate supply curve would shift left. D. the long-run and short-run aggregate supply curves would both shift left.