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If a family’s MPC is .7,then it is: Spending 70 percent of its income on consumer goods Saving 70 percent of its income Spending 30 percent of its income Spending 100 percent of its income

If a family’s MPC is .7,then it is: Spending 70 percent of its income on consumer goods Saving 70 percent of its income Spending 30 percent of its income Spending 100 percent of its income

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter4: Estimating Demand
Section: Chapter Questions
Problem 6E
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  1. If a family’s MPC is .7,then it is:
    1. Spending 70 percent of its income on consumer goods
    2. Saving 70 percent of its income
    3. Spending 30 percent of its income
    4. Spending 100 percent of its income
  2. The three legal forms of business are:
    1. Single proprietor ship
    2. Partnership
    3. Corporation
    4. All of the above
  3. Price elasticity of demand measures the responsiveness of the quantity demanded to changes in:
    1. Income
    2. Price
    3. Supply
    4. Interest rate
  4. The separation between ownership and control is one of the major characteristics of the:
    1. Corporation
    2. Partnership
    3. Single proprietor ship
    4. None of the above
  5. Used furniture is an example of a:
    1. Normal good
    2. Inferior good
    3. Luxury good
    4. Abnormal good

 

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