The percentage of disposable personal income that is saved is the
A. personal saving rate.
B. MPS.
C. MPC.
D. personal investment rate.
Answer: A
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The price of a good rises by 12 percent and the price elasticity of demand for the good is 0.85. Which of the following is a CORRECT interpretation of these facts?
A) When the price rises by 12 percent, the quantity demanded decreased by 0.85 percent. B) For each 1 percent that the price rose, the quantity demanded decreased by 10.2 percent. C) For each 0.85 percent that the price rose, the quantity demanded decreased by 1 percent. D) For each 1 percent that the price rose, the quantity demanded decreased by 0.85 percent.
Refer to the graph shown. If the government's goal is to eliminate the welfare costs of monopoly, it will:
A. establish a price floor at P1. B. establish a price ceiling at P3. C. not attempt to control price. D. establish a price ceiling at P2.
The production possibilities curve suggests that a nation cannot live beyond its means or production potential. Explain why international trade would cause this statement to be modified
Please provide the best answer for the statement.
For a person to have a comparative advantage in producing a product, he must be able to produce that product at a higher opportunity cost than his competitors
Indicate whether the statement is true or false