The national __________ and investment identity is based on the relationship that the total quantity of financial capital supplied from all sources must equal the total quantity of financial capital demanded from all sources.
a. saving
b. import
c. export
d. trade
a. saving
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The preferences of the representative consumer over consumption and leisure are represented by use of a
A) production function. B) utility function. C) benefit function. D) preference function.
For a normal good, quantity demanded
a. increases as income rises, so the income elasticity of demand is positive b. increases as income rises, so the income elasticity of demand is negative c. falls as income rises, so the income elasticity of demand is positive d. falls as income rises, so the income elasticity of demand is negative e. remains unchanged as income rises, so the income elasticity of demand is zero
What is Bill's economic profit at the profit-maximizing output level?
a. $115 b. $225 c. $25 d. $75
Suppose that prices in the United States rise relative to prices in Japan. We expect that
A) the dollar will appreciate and the yen will depreciate. B) the dollar will depreciate and the yen will appreciate. C) both the dollar and the yen will appreciate. D) both the dollar and the yen will depreciate.