The average propensity to consume is consumption:
a. Multiplied times savings
b. Multiplied times investment
c. Divided by disposable income
d. Divided by saving
c. Divided by disposable income
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Real Foods produced 400,000 cans of diced tomatoes last year and 460,000 cans of diced tomatoes this year. It employed the same number of labor hours each year. Real Foods' productivity
a. decreased 13%. b. was unchanged. c. increased 13%. d. increased 15%.
The concept of Nash Equilibrium:
A. has wide applicability. B. is limited in its applicability to economic behavior because firms do not follow their dominant strategies. C. is limited in its applicability to economic behavior because firms generally follow their dominant strategies. D. has been disproven by modern economists.
The central role of ________ in a market economy is bringing together savers and borrowers
A) sole proprietors B) financial intermediaries C) stock exchanges D) corporations
The General Agreement on Tariffs and Trade (GATT) was established in
a. 1870 to protect U.S. industries and decrease world trade b. 1921 to manage legal and accounting requirements for U.S. tariffs and quotas c. 1947 to reduce trade restrictions among 23 countries d. 1973 to increase trade restrictions, after OPEC significantly raised oil prices e. 1990 to create a common market