National saving equals
A) household saving + business saving.
B) household saving + business saving + government saving.
C) household saving + business saving + net taxes - government expenditure.
D) Both answers B and C are correct.
D
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If quantity of milk is measured on the horizontal axis and quantity of juice is measured on the vertical axis, a decrease in the price of milk will cause the budget constraint to:
A) pivot rightward along the vertical axis. B) pivot rightward along the horizontal axis. C) shift to the left. D) shift to the right.
The long-run average cost curve is tangent to the minimum point of every short-run average total cost curve
a. True b. False
You have won the lottery. There are two payment options for you. The first option is a lump sum payment of $10 million that you will receive immediately. The second option is an annual payment of $1 million for each of the next 12 years. Assume there is
no inflation. How would you make a decision between the two options? What will be an ideal response?
Why is water much cheaper than diamonds even though water is essential to human lives while diamonds are NOT?
What will be an ideal response?