Economic models are of limited use since they cannot be tested empirically with actual data
a. True
b. False
Indicate whether the statement is true or false
False
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If disposable income rises from $15,000 to $20,000 and the marginal propensity to consume equals 0.9, then saving must increase by $500
a. True b. False Indicate whether the statement is true or false
What do Keynesian economists believe that the expenditure multiplier is?
a. Less than one b. Equal to one c. Greater than one d. Can be greater or less than one
All of the following are primary uses of CFCs, EXCEPT
a. refrigeration b. aerosol propellants c. insulation d. fuel octane boosters
Graphically, the marginal revenue curve of a monopolist
a. will sometimes lie below the demand curve of the monopolist. b. will always lie below the demand curve of the monopolist. c. is the same as the demand curve of the monopolist. d. will equal -1 when the elasticity of demand is unitary.