Refer to the information provided in Figure 34.1 below to answer the question(s) that follow.
Figure 34.1Refer to Figure 34.1. What is the MPC in this economy?
A. 0.5
B. 0.75
C. 0.8
D. cannot be determined from the graph
Answer: C
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A consumer might consider in-line skates and elbow-pads to be
A) products with upward sloping demand curves. B) unrelated goods. C) complements. D) substitutes.
An outward bowed production possibilities curve illustrates
A) inefficient production. B) the law of increasing additional cost. C) a lack of scarcity. D) zero opportunity cost of moving from inefficient production to currently unobtainable production.
Zero interest rate bound means the interest rate cannot go below zero.
Answer the following statement true (T) or false (F)
Is it ever rational for unions to strike if they know that their members will never be able to make up for the wages they lose during the strike? Explain