A change in the amount saved due to a change in income is represented by a
A. shift of the entire saving schedule.
B. movement along the saving schedule.
C. change in the marginal propensity to consume.
D. change in the marginal propensity to save.
Answer: B
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If in some year real GDP was $25 billion and the GDP deflator was 68, what was nominal GDP?
a. $2.72 billion. b. $17 billion. c. $36.8 billion. d. $43 billion.
Bill created a new software program he is willing to sell for $300. He sells his first copy and enjoys a producer surplus of $250. What is the price paid for the software?
a. $50. b. $300. c. $550. d. $250.
A firm that generates pollution is illustrated in Figure 9.7. Suppose the government is considering changing the pollution tax from P3 to P2. That new policy would:
A. increase the marginal benefit to firms of abating, and thus encourage greater abatement. B. increase the marginal benefit to firms of abating, causing them to generate more pollution. C. reduce the marginal benefit to firms of abating, causing them to generate more pollution. D. reduce the marginal benefit to firms of abating, and thus encourage greater abatement.
Scarcity exists because
A) there is a temporary disruption in the market supply. B) there is a shortage of goods caused by a natural disaster. C) there are not enough resources available to produce all the goods that people want. D) there is a shortage of labor throughout the world.