Refer to the scenario above. The winner of this auction will earn a consumer surplus of ________
A) $450
B) $50
C) $150
D) $100
B
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The marginal propensity to save is
a. the change in saving divided by the change in income. b. the change in income divided by the change in saving. c. saving divided by income. d. income divided by saving. e. saving divided by consumption.
The demand for firewood is likely to be more elastic in the summer than in the winter
Indicate whether the statement is true or false
A financial intermediary that sells shares in itself to the public, and then uses the funds to buy a wide variety of financial assets is called a:
A. mutual fund. B. stock exchange. C. commercial bank. D. credit union.
If your nominal wage rises more slowly than the price level, we can say your real wage has ________ and the purchasing power of a dollar has ________
A) risen; risen B) fallen; risen C) fallen; fallen D) risen; fallen