In the above figure, how many bushels of corn are produced at point "a"?
A. 0
B. 2,500
C. 10,000
D. 1,000
Answer: B
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Which of the following will result in a decrease in demand for residential housing in the short run?
A) a decrease in the price of lumber B) an increase in the wages of carpenters C) a decrease in real household incomes D) a decrease in the prices of residential housing
Suppose that when disposable income increases by $1,000, consumption spending increases by $750. Given this information, we know that the marginal propensity to consume (MPC) is
A) .25. B) .75. C) $1,000/$750 = 1.33. D) 1/.25 = 4.
The wealthiest 10 percent of the population owns about
A) 30 percent of all the wealth in the United States. B) 50 percent of all the wealth in the United States. C) 70 percent of all the wealth in the United States. D) 90 percent of all the wealth in the United States.
The ownership of radios increased from ___ percent in 1920 to ___ percent in 1930
a. 10; 70 b. 5;10 c. less than one; 40 d. Radio was not popularized beyond hobbyists until the 1930s