Figure 4-16
Assume that Figure 4-16 shows the supply of soda. An increase in the price of syrup used in the production of soda will shift supply from
a.
S1 to S2.
b.
S2 to S1.
c.
S2 to S3.
d.
S1 to S3.
b
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Which of the following would NOT be a cause for an increased American demand for the Mexican peso?
A) The United States having lower interest rates than Mexico B) Increased American demand for Mexican goods C) The expectation by speculators that the value of the peso is edging up D) More economic expansion in the United States E) None of the above.
If your income increases from $40,000 to $48,000 and your consumption increases from $35,000 to $39,000 . your marginal propensity to consume (MPC) is:
a. 0.20. b. 0.40. c. 0.50. d. 0.80. e. 1.00.
The private sector cost of tax revenues is equal to the
a. tax revenue collected by government from individuals in the economy. b. income that could have been earned by government employees if they had worked in the private sector. c. difference between government expenditures and tax revenues. d. tax revenue plus the cost of tax compliance and the excess burden of taxation.
Which of the following is an example of a positive economic statement?
a. The minimum wage should be raised to help low-income workers b. The size of the Federal government should be reduced c. Education and income are highly correlated d. Nigeria should be given more foreign aid to foster economic development