If disposable income increases by $400 billion and consumption increases by $300 billion, the MPC equals
a. 0.75
b. 0.60
c. 0.80
d. 0.68
a
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Which of the following best measures improvements in the standard of living of a nation?
A. growth of real GDP B. growth of nominal GDP C. growth of real GDP per capita D. growth of national income
The unemployment of some groups, such as low-skill workers, may increase as a result of the imposition of a minimum wage.
Answer the following statement true (T) or false (F)
Based on the table above which shows Chip's costs, if rice sells for $600 a ton, Chip
A) makes an economic profit and should stay open in the short run. B) makes an economic profit, but should shut down in the short run. C) incurs an economic loss, but should stay open in the short run. D) incurs an economic loss and should shut down in the short run.
In the above table, what is the marginal revenue product of the 2nd worker?
A) $99 B) $70 C) $110 D) $9