If the MPC is .5, the multiplier is
A. .5.
B. 1.
C. 2.
D. 4.
C. 2.
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Assuming a constant cost industry, consumer surplus would be greater under monopoly than if the industry were perfectly competitive
a. True b. False
A good or service that is forgone by choosing one alternative over another is called a(n):
a. explicit cost. b. opportunity cost. c. historical cost. d. accounting cost.
Willingness to pay
a. measures the value that a buyer places on a good. b. is the amount a seller actually receives for a good minus the minimum amount the seller is willing to accept. c. is the maximum amount a buyer is willing to pay minus the minimum amount a seller is willing to accept. d. is the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it.
Which of the following countries has the greatest percentage of people living in extreme poverty?
A. China. B. India. C. Bolivia. D. Congo.