The change in saving divided by the change in income is the:
A. marginal propensity to save.
B. saving function.
C. average propensity to save.
D. extra propensity to save.
Answer: A
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If the government imposes a price floor that is higher than the market clearing price, then
A) consumer surplus will increase while producer surplus will decrease. B) consumer surplus will decrease while producer surplus will increase. C) both consumer surplus and producer surplus will decrease. D) both consumer surplus and producer surplus will increase.
In the United Kingdom, most doctors are privately employed
Indicate whether the statement is true or false
From the table above, which gives data about the U.S. labor market in 1933, the labor force participation rate is
A) 12 percent. B) 48 percent. C) 60 percent. D) 95 percent. E) 65 percent.
As the wage rate rises, other things constant, perfectly competitive firms will employ
A) more workers. B) less capital. C) the same number of workers. D) fewer workers.