Which of the following would be of particular interest to a microeconomist?
a. amount of fruit the typical household consumes
b. nation's inflation rate
c. nation's rate of unemployment
d. budget of the national government
e. growth rate of the economy
A
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As real disposable income increases, we expect the average propensity to consume (APC)
A) to always be below MPC. B) to increase. C) to remain unchanged. D) to decrease.
When economists talk about supply, they are referring to a relationship between price received for each unit sold and the _________________.
A. demand schedule B. market price C. quantity supplied D. demand curve
The short-run supply curve of the perfectly competitive firm is the firm's
a. MC curve. b. AVC curve. c. MC curve above the minimum point on the AVC curve. d. MC curve above the minimum point on the ATC curve.
If the output per acre of land triples, then the productivity of an acre of land
A. has been cut by two-thirds. B. has been cut by one-third. C. has tripled. D. has increased.