When we graph consumption as a function of ________ rather than as a function of disposable income, the slope of this consumption function is ________.
Fill in the blank(s) with the appropriate word(s).
national income; the MPC
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According to the Coase theorem, in order to solve a negative externality problem efficiently,
a. the property right must be assigned to the party with the least-cost alternative b. the property right must be assigned to the victim of pollution c. transaction costs must be high d. transaction costs must be low e. property rights must be determined by the courts
Teenagers have more frequent unemployment spells so, on average, they spend more time searching for jobs. Other thing the same, this means that teenagers have a
a. higher unemployment rate. If a larger portion of the adult population were teenaged, the natural rate of unemployment would be higher. b. higher unemployment rate. The portion of the adult population that is teenaged does not affect the natural rate of unemployment. c. lower unemployment rate. If a larger portion of the adult population were teenaged, the natural rate of unemployment would be lower. d. lower unemployment rate. The portion of the adult population that is teenaged does not affect the natural rate of unemployment.
When a firm produces 1 unit of output total cost is €350. When the firm produces 2 units of output, total cost is €450. The marginal cost of producing the second unit of output is:
(a) €100. (b) €150. (c) €250. (d) €350.
Using hypothetical numbers, calculate the real GDP for Country A and then calculate the real GDP per capita for this country.
What will be an ideal response?