The smaller the marginal propensity to save, other things constant, _____
a. the smaller the marginal propensity to consume
b. the larger the multiplier
c. the smaller the multiplier
d. the flatter the consumption function
e. the steeper the saving function
b
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It takes a considerable amount of time to increase the production of pork. This implies that
A. the short-run supply curve for pork is relatively less elastic than the long-run supply curve for pork. B. the long-run supply curve for pork is relatively less elastic than the short-run supply curve for pork. C. a change in the demand for pork will not affect its price in the short run. D. an increase in the demand for pork will elicit a larger supply response in the short run than in the long run.
Employing an additional 1 billion hours of labor increases real GDP by $12 billion. Employing another 1 billion hours beyond the first 1 billion increases real GDP by $11 billion
Hence we can conclude from this information that as employment increases, real GDP A) increases at an increasing rate. B) decreases at an increasing rate. C) decreases at a decreasing rate. D) increases at a decreasing rate. E) falls from $12 billion to $11 billion as more workers are hired.
When economists use the terms "supply" and "demand," they are referring to
A) the roles economists must take to improve the economy. B) the plans and ongoing negotiations among individual traders in the market process. C) the ways people meet their needs in society. D) the supply of money and the demand for money. E) the supply of laws and the demand for laws in a well-governed society.
The components of a well-run incentive compensation scheme include all of the following EXCEPT
a. evaluating the identified performance measures b. demonstrating that supervisors are friendly outside of the work environment c. rewarding workers who for meet performance measures d. identifying the relevant measures on which to evaluate employees