In the above figure, the equilibrium level of planned saving plus net taxes is
A. $1.0 trillion.
B. $2.0 trillion.
C. $3.0 trillion.
D. $4.0 trillion.
Answer: A
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For a perfectly competitive firm, the shutdown point is the
A) amount of output at which price equals minimum average variable cost. B) amount of output at which price equals minimum average total cost. C) price at which economic profit is zero. D) price at which total opportunity cost is zero.
Which of the following factors can partly explain the long-term growth in production in the U.S. economy?
a. Trade surpluses and accumulation of precious metals b. A gradual but consistent increase in the price level c. Growth in population d. Improvements in technology e. Federal government budget deficits
Katherine is willing to pay $75 for a purse. If she receives a consumer surplus of $25, the market price of the purse is _____
a. $50 b. $100 c. $25 d. $75
Which of the following items is counted as part of government purchases?
a. The federal government pays $2,000 in Social Security benefits to a retired person. b. The city of Athens, Ohio pays $10,000 to a tree-trimming firm to trim trees along city boulevards. c. The state of Nebraska pays $1,000 to help a low-income family pay its medical bills. d. All of the above are correct.