Overall NAFTA has resulted in
A. Very little change in any of the three countries.
B. Massive unemployment and recessions.
C. Accelerated economic growth and reduced inflationary pressures in Canada, Mexico, and the United States.
D. Increased economic growth and employment in Mexico at the expense of the United States.
Answer: C
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If the marginal propensity to consume is ________, then a $2 trillion increase in disposable income increases consumption expenditure by $1.2 trillion. If the marginal propensity to consume is ________, then a $2 trillion increase in disposable income increases consumption expenditures by $1.6 trillion.
A) 0.6; 0.8 B) 1.67; 2.25 C) 1.2; 1.6 D) 6.0; 8.0 E) None of the above because a $2 trillion increase in disposable income always leads to a $2 trillion increase in consumption expenditure.
Even if two products have different characteristics, such as color, the products are only considered heterogeneous if consumers
A) consider the two products as perfect complements. B) consider the two products as perfect substitutes. C) consider the two products as imperfect substitutes. D) consider the two products as imperfect complements.