Which of the following statements is false?
A. In recent years, China has had a rate of savings of 35 to 40 percent.
B. In the last two decades, the U.S. savings rate has not exceeded 11 percent.
C. There was a significant increase in the U.S. savings rate in the mid-1990s.
D. A high rate of consumption for a country implies a low savings rate.
C. There was a significant increase in the U.S. savings rate in the mid-1990s.
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The concept of opportunity cost only applies to societies that operate in a market-based economy.
Answer the following statement true (T) or false (F)
If the multiplier is 4, the marginal propensity to consume (MPC) must be
A) 0.5. B) 0.25. C) 0.75. D) 1.
Until Congress began to periodically raise benefit levels to adjust for inflation, the first recipients of Social Security checks:
A. lost value over time, because the payments were not adjusted for inflation. B. received a fixed amount that caused their real income to decline. C. grew poorer over time, because the payments were nominal amounts. D. All of these statements are true.
Economics is the study of how society manages its
a. limited wants and unlimited resources. b. unlimited wants and unlimited resources. c. limited wants and limited resources. d. unlimited wants and limited resources.