If a family's MPC is 0.7, it means that the family is
A. spending 70% of its disposable income.
B. spending seven-tenths of any increment to its income.
C. necessarily dissaving.
D. operating at the break-even point.
Answer: B
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Suppose the exchange rate in the year 2010 was 4 yuan per dollar and in 2011 the exchange rate fell to 3 yuan per dollar
If the price of a Chinese sweater was 120 yuan in both years, the new dollar price in 2011 would be ________ and imports of Chinese sweaters would ________. A) $30; increase B) $40; increase C) $40; decrease D) $30; decrease E) $40; stay the same because the price stayed the same at 120 yuan
U.S. exports
a. represent approximately 50 percent of GDP b. represent approximately 35 percent of GDP c. represent approximately 11 percent of GDP d. consist primarily of agricultural commodities e. consist primarily of metals and other raw materials
Which of the following is a range on the eclectic or general view of the aggregate supply curve?
a. Keynesian range. b. Intermediate range. c. Classical range. d. All of these.
Recurring upswings and downswings in an economy's real GDP over time are called:
A. total product oscillations. B. recessions. C. business cycles. D. output yo-yos.