Producers and consumers drive the economy of a
a. Communist economic system
b. market economic system
c. command economic system
d. traditional economic system
Ans: b. market economic system
Economics
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Assume the marginal propensity to consume (MPC) is 0.75 and the government cuts taxes by $250 billion. The aggregate demand curve will shift to the:
a. right by $1,000 billion. b. right by $750 billion. c. left by $1,000 billion. d. left by $750 billion.
Economics
A Giffen good is a good for which an increase in the price
a. decreases the quantity supplied. b. increases the quantity supplied. c. decreases the quantity demanded. d. increases the quantity demanded.
Economics