The value of the marginal propensity to consume is ________
A) equal to one
B) between zero and one
C) greater than one
D) less than zero
B
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A reduction in the rate of inflation would be
A. deflation. B. hyperinflation. C. disinflation. D. crawling inflation.
The percentage of U.S. workers in the private sector who belong to unions is currently
A. approximately 55 percent. B. approximately 25 percent. C. approximately 11 percent. D. greater than 70 percent.
If a 4 percent rise in the price of peanut butter lowers the total revenue received by the producers of peanut butter by 4 percent, the demand for peanut butter
A) is elastic. B) is inelastic. C) is unit elastic. D) has an elasticity of 2.0.
Relative to simple pricing, price discrimination leads to
a. Consumer surplus being converted to producer surplus b. Increased profits c. A simplified pricing schedule d. Both a and b