Table 9.1Disposable IncomeTotal Consumption(Billions of dollars per year)(Billions of dollars per year)$0$50200210What is the rate of saving when income equals $300 billion in Table 9.1?
A. -$290 billion.
B. $10 billion.
C. Zero.
D. $50 billion.
Answer: B
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Under a gold standard,
A. with a balance of payments deficit, interest rates would fall and attract foreign capital. B. a deficit in the balance of payments increased a nation’s money supply automatically. C. all currencies were defined in terms of gold. D. when a nation had a deficit in its balance of payments, more gold was flowing in than was flowing out. E. All of the above are correct.
Refer to the scenario above. If both nations decide to trade, which of the following statements is true?
A) Hawaii should export both tea and coffee. B) Hawaii should import both tea and coffee. C) Hawaii should export tea and South Carolina should export coffee. D) Hawaii should export coffee and South Carolina should export tea.
Which of the following statements concerning utility is correct?
a. It is possible to precisely measure the utility an individual receives from consuming a particular good or service b. It is always possible to determine whether Dalene or Juloy gets more utility from consuming two units of the same good c. The utility of goods can be measured while the same is not true for services d. Utility is a subjective measure of satisfaction an individual receives from consuming a good or service e. It is only useful if there is no scarcity
In the short run, certain costs, such as rent on land and equipment, must be paid whether or not any output is produced. These are:
a. the firm's variable costs. b. the firm's break-even costs. c. the firm's sunk costs. d. the firm's marginal costs. e. the firm's fixed costs.