If George's MPS is 0.75 and he earns an additional $1,000, how much would he spend?
a. $250
b. $750
c. $1,333
d. $4,000
a
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In order to see how the labor market works as a whole, we need to add up all the:
A. demand curves of individual workers and the supply curves of individual firms to find market level demand and supply. B. supply curves of individual workers and the demand curves of individual firms to find market level supply and demand. C. observed equilibrium wages across all individual markets and take the weighted average. D. None of these statements is true.
According to the author of your textbook, competition is best understood:
A. as price-driven. B. as technology driven. C. within a structural framework. D. as a dynamic process.
When the IMF provides loans to developing countries, it often requires these countries to adopt:
A. a contractionary fiscal policy and an expansionary monetary policy. B. contractionary monetary and fiscal policies. C. expansionary monetary and fiscal policies. D. a contractionary monetary policy and an expansionary fiscal policy.
Refer to the information provided in Figure 1.7 below to answer the question(s) that follow.
Figure 1.7Refer to Figure 1.7. At Point A, what is the value of Y?
A. 2 B. 4 C. 6 D. 8