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Refer to Table 9.1 At an output level of $1,200 billion, there is a tendency for output

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If Julian's disposable income decreases from $4,800 to $4,200 and his level of consumption decreases from $4,500 to $4,000, it may be concluded that his marginal propensity toA) consume is 1/6.B) consume is 4/5.C) save is 1/6.D) save is 5/6.

In the circular flow model, the value of total income for an economy ________ the value of total production.

In a column on​ bloomberg.com, Noah Smith notes that people who work at a computer have many ways to slack off or waste time—posting to​ Facebook, Twitter, or​ Instagram; watching YouTube​ videos; or playing video games—that ​weren't available to workers in previous decades. He calculates​ that:​"The average working American spends about 34.4 hours on the job. If we assume​ that's five days a​ week, it means that one hour of slacking per day means that true work hours are really only 85.5 percent of the official​ number."​Source: Noah​ Smith, "Goofing Off at Work Masks Rising​ Productivity," bloomberg.com, May​ 10, 2017.If​ Smith's estimates are​ correct, is the rate of growth of labor productivity as measured by government statistics overstated or​ understated? Briefly explain.A.​Overstated, because regardless of the amount of output produced per​ hour, workers are not producing efficiently.B.​Understated, assuming that workers are producing the output in fewer hours than the official work hours.C.​Understated, because the amount of physical capital is not increasing at a fast enough pace to keep workers busy.D.​Overstated, because workers could be using that hour of slacking each day to engage in some other activity.

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