Suppose Julie plants a beautiful garden in her front yard. The benefits of the garden to Julie and to her neighbors equals the
A) external benefit.
B) marginal private benefit.
C) marginal external benefit.
D) marginal social benefit.
E) marginal social cost.
D
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The marginal propensity to save is
a. the change in saving divided by the change in income. b. the change in income divided by the change in saving. c. saving divided by income. d. income divided by saving. e. saving divided by consumption.
You can conclude from the above graph that
A. new firms will enter the industry.
B. existing firms will leave the industry.
C. the industry is in long run equilibrium.
D. it is unclear whether the industry is in the short run or the long run.
If a nation's currency appreciates in the short run its net exports and aggregate demand are most likely to change in which of the following ways?
a. decrease; decrease b. decrease; increase c. increase; decrease d. increase; increase e. no change; decrease
What type of questions cannot be answered with theory or facts alone?
A. factual questions B. econometric questions C. positive questions D. normative questions E. empirical questions