The marginal propensity to save is equal to
A) One minus the marginal propensity to consume.
B) The change in savings with respect to the change in change in consumption.
C) One plus the marginal propensity to consume.
D) None of the above.
Answer: A
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Last year, Sefton purchased 60 pounds of potatoes to feed his family of five when his household income was $30,000. This year, his household income fell to $20,000 and Sefton purchased 80 pounds of potatoes
All else constant, Sefton's income elasticity of demand for potatoes is A) positive, so Sefton considers potatoes to be a normal good and a necessity. B) positive, so Sefton considers potatoes to be an inferior good. C) negative, so Sefton considers potatoes to be an inferior good. D) negative, so Sefton considers potatoes to be a normal good.
Refer to Table 20-1. The unemployment rate for this simple economy equals
A) (100/1,000 ) × 100. B) (100/15,000 ) × 100. C) (100/1,100 ) × 100. D) (100/20,000 ) × 100.
Which of the following are examples of cooperative games?
A) The bargaining between a buyer and seller over the price of a car B) Independent action by two firms in a market regarding advertising strategies C) Independent pricing strategies by two firms in a market D) Independent pricing strategies by many firms in a market E) Team games (such as baseball or basketball)
Which of the following correctly ranks the amounts from smallest to largest?
A. Total output, average labor productivity, output per person B. Output per person, average labor productivity, total output C. Output per person, total output, average labor productivity D. Total output, output per person, average labor productivity