Complete the following table assuming that (a) MPS = 1/3, (b) there is no government and all saving is personal saving.
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According to Adam Smith, a well-governed society's wealth is positively related to
A) the division of demand. B) the division of labor. C) the degree to which society can eliminate scarcity. D) the degree to which society can encourage and promote greed.
We call costs that fall directly on an economic decision maker:
A. social costs. B. external costs. C. network costs. D. private costs.
Double-entry bookkeeping for the balance of payments requires that:
a. the current account always equal the balance of payments. b. every transaction be recorded as a credit and a debit at the same time. c. total credits always exceed total debits. d. every transaction be recorded as either a credit or a debit. e. total debits always exceed total credits.
Which of the following statements about waste disposal is not true?
A. Raw material that has been used must be recycled or disposed. B. The physical law of conservation of matter dictates that objects like petroleum can be transformed, but cannot simply vanish. C. The simplest way of dealing with waste is through incineration. D. The amount of recycling in the United States and European Union has risen over time.