In a closed economy ________
A) investment equals consumption
B) investment equals savings
C) saving equals consumption
D) exports are greater than imports
B
You might also like to view...
A record of all transactions between households, firms, and the government of one country and the rest of the world is the
A) balance of trade. B) balance of payments. C) International Monetary Fund. D) government budget.
If a business's total economic cost of producing 2,000 units of a product is $1,000,000 and this output is sold to consumers for $1,300,000, then the firm would earn an economic profit of:
a. $1,300,000 b. $1,000,000 c. $300,000 d. $200,000
All of the following could immediately or eventually lead to an inward shift of a nation's production possibilities curve, except:
A. emigration of skilled workers to other nations. B. a decline in the birth rate. C. an increase in the average skill level of all occupational groups. D. depletion and reduced availability of major energy resources.
A tariff is
A. a tax on imports. B. a payment made by the government to producers of the product. C. a limit on the quantity of a good that can be imported into a country. D. a government payment made to domestic firms to encourage exports.