Which of the following factors will NOT cause a shift in the demand for a good? A) A change in consumer incomes B) A change in the market price of the good C) A change in the number of consumers D) A change in tastes and preferences ANSWER B
Date: September 2nd, 2020
Recently economists have added what factor as a major explanation of economic growth? A) the growth rate of labor B) the growth rate in labor and capital productivity C) technology D) the growth rate of capital ANSWER C
Date: September 2nd, 2020
If you have $5000 and the GDP deflator decreases from 100 to 80 A) the $5000 will buy 20 percent more of the goods and services produced by society. B) the value of the $5000 remains constant. C) the $5000 will buy 20 percent less of the goods and services produced by society. D) the […]
Date: September 2nd, 2020
Money functions as a(n) A) medium of exchange. B) unit of account. C) store of value. D) all of the above. ANSWER D
Date: September 2nd, 2020
________ is a calculation that adds up costs and benefits using a common unit of measurement, like dollar values. A) Expenditure-income analysis B) Budget constraint analysis C) Revenue-income analysis D) Cost-benefit analysis ANSWER D
Date: September 2nd, 2020
At the break-even point for the consumption function A) saving is positive. B) saving is zero. C) saving is negative. D) the marginal propensity to consume equals l. ANSWER B
Date: September 2nd, 2020
Which one of the following statements is NOT true? A) The classical model assumes that people suffer from money illusion. B) The classical model assumes that no single seller of a commodity can affect its price. C) The classical model assumes that pure competition exists. D) The classical model assumes that people are motivated by […]
Date: September 2nd, 2020
A barter arrangement essentially means A) swapping goods for cash. B) buying with an I.O.U. C) a credit deal. D) a cashless transaction. ANSWER D
Date: September 2nd, 2020
In the above figure, the marginal propensity to consume (MPC) equals A) 0.9. B) 0.75. C) 0.8. D) 0.85. ANSWER A
Date: September 2nd, 2020
Which of the following is TRUE of trends in the number of new U.S. patents? A) There was a steady increase in new patents throughout the 1970s. B) The number of new patents granted each year has remained unchanged since the early 1970s. C) The number of new patents granted each year declined by more […]
Date: September 2nd, 2020
