Price discrimination is best defined as
A. The selling of an individual good at different prices to different consumers by a single seller.
B. The selling of differentiated goods to consumers at different prices.
C. Charging an excessive price for a product.
D. The charging of different prices by different companies for the same product.
Answer: A
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If the marginal propensity to consume was 0.9, it would mean that:
A. consumers spend $9 out of every $10 of additional disposable income. B. consumers save $9 out of every $10 of additional disposable income. C. consumers spend $1 out of every $10 of additional disposable income. D. people should save more.
In general, risk-loving individuals experience increasing marginal utility from income.
Answer the following statement true (T) or false (F)
Macroeconomic models are
A) never wrong. B) accurate descriptions of the economy. C) simple abstractions of reality. D) consistent with all economic data.
An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; decrease C. increase; increase D. decrease; decrease