Who made these statements? "Conspicuous consumption of valuable goods is a means of reputability to the gentlemen of leisure." "With the exception of the instinct of self-preservation, the propensity for emulation is probably the strongest and most alert and most persistent of the economic motives proper".
A. John Maynard Keynes
B. Milton Friedman
C. Murray Weidenbaum
D. Thorstein Veblen
D. Thorstein Veblen
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Holding all else constant, an increase in the preferences of Americans for Mexican goods will ________ the supply of dollars in the foreign exchange market and ________ the equilibrium Mexican peso/U.S. dollar exchange rate.
A. decrease; decrease B. decrease; increase C. increase; increase D. increase; decrease
At market equilibrium
A) shortages are greater than surpluses. B) surpluses are greater than shortages. C) quantity demanded equals quantity supplied. D) demand equals supply.
GDP can be measured in terms of expenditures but not income, since income is subject to taxation
a. True b. False Indicate whether the statement is true or false
The marginal propensity to consume is
A. The percentage of total disposable income spent on consumption. B. The fraction of each additional dollar of disposable income spent on consumption. C. Total consumption in a given period divided by total disposable income. D. That part of the average consumer dollar that goes to the purchase of final goods.