In terms of technological progress, economists interpret this as meaning an economy operates more efficiently by producing more output without using any more inputs.
Answer the following statement true (T) or false (F)
True
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How do we calculate the effects of real GDP on consumption expenditure and imports by using the marginal propensity to consume and the marginal propensity to import?
What will be an ideal response?
What three parts of the economy are represented in the IS-MP model?
What will be an ideal response?
The marginal cost curve intersects the average variable cost curve (AVC)
a. only when the AVC is rising b. at the AVC curve's maximum point c. at the AVC curve's minimum point d. only when the AVC is sloping downward e. when the AVC intersects the fixed cost curve
Which of the following will not cause a change in demand for crackers?
a. a change in consumers' income b. a change in the price of crackers c. a change in the price of cheese d. a change in the number of cracker-eaters e. a change in consumers' tastes for crackers