When a person receives extra income above their regular income, they have an option to save or spend that additional income. The portion of the extra income that is spent can be represented in a figure called: The Marginal Propensity to Consume Savings and Loan Theory The Marginal Propensity to Save The Piggy Bank Theory
36.
When a person receives extra income above their regular income, they have an option to save or spend that additional income. The portion of the extra income that is spent can be represented in a figure called:
The Marginal Propensity to Consume
Savings and Loan Theory
The Marginal Propensity to Save
The Piggy Bank Theory
37.
Economics studies how people use scarce resources to make choices. Those choices can be influenced by:
Consumers
Incentives
The government
Taxes
38.
What is a problem with nominal GDP when compared to real GDP?
it represents past prices and is therefore unreliable
it always grossly overstates the output of a nation
It can represent deceptive outputs of a nation
it has no problems or disadvantages
39.
What is a fiscal cliff?
A simultaneous increase in tax rates and cuts in government spending
A simultaneous decrease in tax rates and cuts in government spending
A simultaneous increase in tax rates and decrease in government spending
A simultaneous increase in interest rates and cuts in government spending
40.
According to the foundations of economics, if you open an ice cream store in your neighborhood that is considered an example of:
Not considered when discussing economics
A use of scarce resources
A factor of production
An ill-advised business decision
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