Value and price can be compared by noting that
A) they are the same thing.
B) value is always greater than price.
C) value is what we must pay, while price is what we are willing to pay.
D) price is what we must pay, and value is what we are willing to pay.
E) value is what the seller receives when we buy a good, and price is what we must pay when we buy a good.
D
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For given inputs of labor and capital, if technology is more primitive, labor productivity will be
a. higher. b. lower. c. unchanged. d. characterized by increasing returns to scale.
Under a floating exchange rate system with mobile international capital, it is always true that current account
a. deficit + capital account surplus = trade deficit. b. surplus ? capital account surplus = trade deficit. c. surplus + capital account deficit = 0. d. surplus ? capital account surplus = 0.
If the production of oranges reduces global warming, then the equilibrium quantity of oranges will be ________ the socially optimal quantity.
A. lower than B. equal to C. more valuable than D. higher than
The 2016 Social Security Trustees' Report held that under intermediate assumptions the system would be bankrupt in
A. 2087. B. 2015. C. 2034. D. 2054.