When economists are trying to help improve the world, they are
a. in the realm of positive economics rather than normative economics.
b. in the realm of macroeconomics rather than microeconomics.
c. scientists.
d. policy advisers.
d
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The marginal propensity to consume (MPC)
A) shows the percentage of real disposable income consumed at each level of income. B) shows how much of an extra dollar of real disposable income is spent. C) shows how much real disposable income changes when consumption falls. D) is greater than 1 only if the marginal propensity to save is greater than 1.
Because two percent of the largest farms grow half of all of the grain in the United States, the grain industry is technically classified as an oligopoly
Indicate whether the statement is true or false
A constant-cost industry
A) is one in which an increase in demand is matched by a proportional increases in long-run supply. B) generates increasing profits whenever demand increases because the new long-run equilibrium price is above the old price even though average costs have not changed. C) has a horizontal long-run supply curve. D) has a downward sloping long-run supply curve.
In the early 2000s, Ecuador replaced its currency, the sucre, with the U.S. dollar in order to solve its inflation problem. As long as Ecuador maintains the U.S. dollar as its official currency, what will happen to the monetary policy of Ecuador?
A. It effectively will cease to exist. B. It will become more powerful but less flexible. C. It will become less powerful but more flexible. D. It will become both more powerful and more flexible.