If Pat's income increased from $250,000 to $500,000 and his consumption increased from $200,000 to $300,000, what was his marginal propensity to consume?

Revenue from a(n) __________ goes to the U.S. government while revenue from a(n) __________ goes to whomever secures the right to sell foreign goods in the U.S. market

a. export subsidy, quota b. tariff, quota c. domestic content requirement, low-interest loan d. tariff, export subsidy e. quota, tariff

If people voluntarily bring their recyclable materials to a recycling center, these materials reduce landfill space, reduce the need for virgin material extraction, and provide an inexpensive input in many production processes. This results in

a. an increase in the externalities associated with producing goods b. mandatory recycling c. an increase in private costs of producing goods d. a narrowing of the gap between private and social costs of producing goods

If a country's saving rate declined, then other things the same, in the long run, the country would have lower productivity and lower real GDP per person.

a. true b. false

Under the perfectly competitive market structure, the demand curve of an individual firm is

A) perfectly inelastic. B) downward sloping. C) relatively inelastic. D) perfectly elastic.