If the MPC is .8 and disposable income is $200, then:
A. consumption and saving cannot be determined from the information given.
B. saving will be $20.
C. personal consumption expenditures will be $80.
D. saving will be $40.
A. consumption and saving cannot be determined from the information given.
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Which of the following describes a difference between the marginal product of labor and the marginal revenue product of labor?
A) The marginal product of labor declines as each additional worker is hired because of the law of diminishing returns. The marginal revenue product of labor declines as each additional worker is hired because of diseconomies of scale. B) The marginal product of labor is inelastic. The marginal revenue product of labor is elastic. C) The marginal product of labor declines as each additional worker is hired because of the law of diminishing returns. The marginal revenue product increases as each additional worker is hired because of increases in the productivity of labor. D) The marginal product of labor measures the change in output as additional workers are hired. The marginal revenue product measures the change in revenue as additional workers are hired.
While there is no specific number of firms that must dominate an industry before it is an oligopoly, the number of sellers characterizes an oligopoly when
A. there are more firms than a monopolistically competitive market. B. there is a sufficient number of firms to satisfy the market demand. C. the firms are so large relative to the total market that they can affect the market price. D. the firms are so small relative to the total market that they cannot affect the market price.
Official poverty rates in the last 40 years have
A) fallen dramatically. B) risen dramatically. C) stayed roughly the same. D) been eliminated.
Borrowers are ________ of loanable funds, and lenders are ________ of loanable funds
A) demanders; suppliers B) suppliers; demanders C) suppliers; suppliers D) demanders; demanders