If the marginal propensity to consume (MPC) is 0.75, the value of the spending multiplier is:
a. 0.
b. 1.
c. 4.
d. 5.
c
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The figure above shows a monopoly firm's demand curve. At point t
A) demand is elastic. B) demand is unit elastic. C) demand is inelastic. D) total revenue is at a minimum.
Suppose that when the price per ream of recycled printer paper rises from $4 to $4.50, the quantity demanded falls from 800 to 600 reams per day
Using the midpoint formula, what is the price elasticity of demand (in absolute value) over this range? A) 0.003 B) 0.41 C) 2.43 D) 4
Regarding economic growth and income levels, which of the following is true?
a. Poor countries are unable to ignite the growth process unless they receive financial aid from richer countries. b. Countries that lack an abundance of natural resources have been unable to grow and achieve high income levels. c. Countries with a large population relative to their land area are destined to remain poor. d. Countries that fail to adopt institutions and policies supportive of trade, entrepreneurial discovery, and private investment will remain poor in the foreseeable future.
Capital is _______________
A. the crucial element in every economic system. B. the key to every society's standard of living. C. the result from savings. D. All of these statements describe capital.