A society will be at a point inside its production possibilities curve whenever
a. all resources are fully employed.
b. income is equally distributed.
c. some resources are unemployed.
d. resources are scarce.
c. some resources are unemployed.
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The marginal propensity to consume (MPC) is
A) the percentage of real disposable income saved. B) the percentage of an additional dollar of real disposable income that will go toward additional real consumption spending. C) the percentage of real disposable income consumed. D) the rate at which real consumption spending changes over time.
Suppose the interest rate is 7 percent. Consider four payment options: Option A: $500 today. Option B: $550 one year from today. Option C: $575 two years from today. Option D: $600 three years from today. Which of the payments has the lowest present value today?
a. Option A b. Option B c. Option C d. Option D
Consider the statement: "When the British government tripled university fees for foreign students in Great Britain, about one-half of them left to study in other countries." This move will ________ university revenues from foreign students in Great Britain.
A. not change B. increase C. decrease D. cannot determine without further information
Which of the following is a characteristic of a firm in a perfectly competitive market?
A) The firm cannot make a profit in the short run because it is too small a part of the total market. B) The firm can make a profit in the long run but not in the short run. C) The firm can sell as much as it wants without having to lower its price. D) The firm must lower its price in order to increase quantity demanded.