A typical supply curve has
A. slope equal to zero.
B. slope equal to infinity.
C. negative slope.
D. positive slope.
E. constant slope.
Answer: D
Economics
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Imagine a simple economy with only two people, Leroy and Percy. If the Social Welfare Function is W = U L + U P , and the Utility Possibilities Frontier is UPF = U L + 2U P , what will be the societal optimum?
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Compared to a country with an MPC of 0.8, a country with an MPC of 0.6 would have to change government expenditures by ________ as much to have the same impact on real GDP.
A. twice B. three times C. four times D. five times
Economics