Martians direct their disposable income at consumption and savings. An increase of private investment spending on Mars by 80 Martian units led to an increase in Martian national income by 400 Martian units. In this case, it can be argued that the marginal propensity to save (MPS) is equal to:
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Inflation, Unemployment and Monetary Policy A 100 deposit at the beginning of year 1 will be a(n) _ deposit at the end of year 2:
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Scarcity, Work and Choice Jorge has a sum of 1000 euro. New Year's Eve is approaching, so he is thinking of distributing that amount between buying gifts for himself and for his friends and family. Below you can see his budget constraint (the green line) and two of his indifference curves (IC1 and I
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Suppose that Firm A is producing and offering on the market Q1 units of a good. Its only variable factor of production is labor. At such a level of production, the marginal product of labor is equal to 0. If the price of the good increases by 50% the elasticity of supply will be:
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Harvey Leibenstein divided consumer demand into functional and non-functional demand. Which kind of demand does the example below illustrate? "After Alan's friends spoke enthusiastically about comfortable brand-name sneakers, Alan also decided to purchase them."
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The appropriate fiscal policy to boost an economy is:
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Unemployment and Fiscal Policy Hidden in the depths of jungle there is a country named Wakanda. The official currency is the Wakandan Dollar and 40 million such dollars are currently in circulation. The matrix includes macroeconomic data for 2023. The prince has appointed you as economic advisor and
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Claude eats fruit every afternoon. He usually chooses an apple or a banana. Whenever he opts to eat an apple, he also eats a cinnamon biscuit. The cross elasticity of demand is between apples and cinnamon biscuits and between apples and bananas.
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Specialization Small island states are considered to benefit from free trade. It is reasonable to consider that they usually take advantage of:
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The Phillips curve can be used to describe:
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Supply and Demand: Price Taking and Competitive Firms A WiCopolist operates under conditions of monopoly. Demand is described by the function QD = 480 - 4 · P, and the firm's total costs correspond to the function TC(Q) = 40 · Q. What will the market price be?
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"The skeleton is a complex organ system which can be quantified along many dimensions. The most commonly measured is height, and its determinants have been extensively studied. While adult height is the product of both genetic and environmental factors, the critical period when height attainment is
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The firm and its customers Your friend finally became rich and their income increased from 10,000 to130,000. This led them to move from a 50 m2 house to a 200 m2 house in the same neighborhood. The coefficient of income elasticity of demand will be equal to:
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The willingness of individuals to pay more for an item when the proceeds go to charity is considered as:
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Economic Fluctuations and Unemployment The following matrix refers to a country in which:
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John and Penelope have been in a relationship for 3 years now. Although in the beginning everything seemed great, now they have lost their initial spark and for both of them the situation feels like a dead end. John is thinking about divorcing Penelope, but he believes this is not preferable since h
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"Coase's analysis suggests that a lack of established property rights, and other impediments leading to high transaction costs, may stand in the way of using bargaining to resolve externalities." In this case, transaction costs could be considered as:
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Which of the following 4 statements is NOT a requirement for a group of countries to constitute an Optimum Currency Area (a single currency would be appropriate)?
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Social Interactions WiCstone is only extracted by two quarries owned by WinterStone Ltd and ChallengeStone Ltd. Below you can see the pay-off matrix for the two firms. The options they have are to increase output, keep it stable or decrease the output. The pay-offs are accounted in millions of dolla
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Social Interactions Imagine that there is an economy consisting of a single factory owned by a wealthy man who earns 10 million monetary units a month and 100 workers who earn 50,000 monetary units a month. Which of the following 4 options describes a Pareto improvement?
