Social savings is
A. just another way of defining security.
B. the sum of government and private savings.
C. government savings only.
D. defined by higher rates of interest for the government.
B. the sum of government and private savings.
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Points that lie below the production possibilities curve are inefficient because:
A. too many goods are being produced. B. producers face scarcity. C. producing more of one good means producing less of the other. D. more of one good could be produced without producing less of the other.
A period when overall inflation rates are positive but falling is called:
A. disinflation. B. deflation. C. zero price level. D. inflation.
"An increase in the federal minimum wage causes an increase in unemployment among teenagers" is a:
A. statement of positive economics. B. statement of normative economics. C. testable value judgment. D. fallacy of composition.
Assume the demand function for scooters is given by QD = 20,000 - 10P + 0.2I, where P = price of a scooter, and I = average income of consumers. Also, assume the supply function of scooters is given by QS = 20P. If the market for scooters is perfectly competitive, and the average income of consumers is $20,000, what are the equilibrium price and quantity in this market?
A. The equilibrium price is $16,000, and 800 scooters are traded. B. The equilibrium price is $800, and 16,000 scooters are traded. C. The equilibrium price is $800, and 32,000 scooters are traded. D. The equilibrium price is $1,600, and 32,000 scooters are traded.