Domestic saving must equal domestic investment in
a. both closed and open economies.
b. closed, but not open economies.
c. open, but not closed economies.
d. neither closed nor open economies.
b
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If a 2 percent change in price is followed by a 10 percent change in quantity sold, the coefficient of price elasticity is
a. 0.2. b. 5.0. c. 8.0. d. 20.0.
In 2008, the wealth of U.S. households fell by ________
A) $11 million B) $11 billion C) $11 trillion D) $11 gajillion
Suppose that Figure 7.4 shows an industry's market demand, its marginal revenue, and the production costs of a representative firm. If the industry was perfectly competitive, it would produce a quantity of:
A. 30 units. B. 50 units. C. 60 units. D. There is not sufficient information.
Which of the following is an example of in-kind transfer?
a. Social security benefits b. Food stamps c. Disability pensions d. Unemployment compensations e. Earned income tax credit