The following data about a hypothetical economy are in billions of dollars.
A.
+$150 billion
B.
-$20 billion
C.
+$20 billion
D.
-$65 billion
B.
-$20 billion
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According to the absolute income hypothesis, the marginal propensity to consume
a. decreases as national income increases b. increases as national income increases c. is equal to one d. is constant as national income increases e. is equal to the marginal propensity to save
Which of the following is not a cost of specialized task assignment?
A. Functional myopia B. Reduced flexibility C. Comparative advantage of specialization D. Foregone complementarities across tasks
Which of the following is not true for a public good?
A. Marginal cost of serving public good to one more person is zero. B. Free-rider problem arises in case of public goods. C. Exclusion is not possible in most of the public goods. D. Public goods include only material commodities.
Economists will always reach the same conclusion in their positive analyses.
Answer the following statement true (T) or false (F)