The marginal propensity to consume is calculated by
A) dividing the change in income by the change in consumption.
B) dividing income by consumption.
C) dividing consumption by income.
D) dividing the change in consumption by the change in income.
D
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Adam Matsumi is an attorney who can charge legal fees above the competitive level because entry of new competitors is made more difficult by the need to hold a(n)
a. state license b. patent c. essential resource d. economy of scale e. copyright
Suppose an economist develops a theory that higher food prices arise from higher gas prices. According to the scientific method, which of the following is the economist's next step?
a. Collect and analyze data. b. Go to a laboratory and generate data to test the theory. c. Publish the theory without testing it. d. Consult with other economists to see they agree with the theory.