According to Keynes, the marginal propensity to consume is constant when income increases
Indicate whether the statement is true or false
F
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Cross-price elasticity of demand is
A. negative for substitute goods. B. positive for general goods. C. negative for complementary goods. D. unitary for secondary goods.
At the equilibrium rate of interest:
A) the quantity of credit demanded falls short of the quantity of credit supplied. B) the quantity of credit demanded equals the quantity of credit supplied. C) the quantity of credit demanded is zero. D) the quantity of credit supplied is zero.
A movement along in the consumption function is caused by a change in:
a. real disposable income. b. can be caused by a change in the price level. c. the marginal propensity to consume (MPC). d. none of these.
If a firm in a perfectly competitive industry maximizes profit by producing 100 units and the marginal cost of the 100th unit is $23, the price is
a. more than $23 since it's earning an economic profit b. $0.23 c. $2,300 d. $23 e. not able to be calculated from the data given