The United Kingdom is
a. an advanced economy, and over the past century its rate of economic growth has been higher than that of the United States.
b. an advanced economy, and over the past century its rate of economic growth has been lower than that of the United States.
c. a middle-income country, and over the past century its rate of economic growth has been higher than that of the United States.
d. a middle-income country, and over the past century its rate of economic growth has been lower than that of the United States.
b
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If a household's disposable income increases from $50,000 to $100,000 and its consumption increases from $40,000 to $80,000 . the MPS must be _____
a. 0.4 b. 0.8 c. 0.7 d. 0.2 e. 0.5
To increase their individual profits, members of a cartel have an incentive to
a. charge a higher price than the other members of the cartel. b. increase production above the level agreed upon. c. ignore the choices made by the other firms and act as a monopolist. d. charge the same price a monopolist would charge.
If U.S. imports of goods and services exceed exports, U.S.:
A. net exports are positive. B. GDP is less than the sum of consumption, investment, and government purchases. C. GDP exceeds the sum of consumption, investment, and government purchases. D. GDP equals the sum of consumption, investment, and government purchases.
An increase in the number of consumers in a market would cause
A. an increase in demand. B. an increase in quantity demanded. C. an increase in quantity supplied. D. an increase in supply.