If the MPS is 0.05, the MPC is
A. -0.05.
B. 0.95.
C. 1.05.
D. 2.25.
Answer: B
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A consumer is in equilibrium when the consumption point is on
A) the budget line. B) an indifference curve. C) the highest indifference curve that just touches the budget line. D) none of the above.
The above figure shows the market for rice in Japan. S2 represents the domestic supply curve, and S1 represents the world supply curve. Suppose a free market exists. An import quota of 30 units would
A) cause consumer surplus to fall by "e." B) cause social welfare to fall by $30. C) increase producer surplus by "d." D) have no effect.
A perfectly elastic demand curve
a. Is a horizontal line parallel to the x axis b. Has an elasticity of demand between 0 and 1 c. Is the demand curve of a product that usually has no substitutes d. None of the above
The Budget of the United States Government is officially submitted by: a. the President to Congress and contains spending and revenue proposals for the upcoming fiscal year. b. Congress to the President and contains spending and revenue proposals for the upcoming fiscal year. c. the President to Congress and contains proposals for tax revenues
d. Congress to the President and contains proposals for tax revenues. e. the President to Congress and is reviewed by the Supreme Court.