If the level of investment in an economy is $4,000 and the GDP of the economy is $10,000, the savings rate in the economy must be:
A) 40%. B) 44%. C) 30%. D) 20%.
A
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Suppose the most you would be willing to pay for a plane ticket home is $250. If you buy one for $175, then your economic surplus is:
A. $0. B. $175. C. $250. D. $75.
The above figure shows the marginal social benefit and marginal social cost curves of coffee in the nation of Kaffenia. What is the efficient quantity of coffee to produce each day?
A) one hundred pounds B) two hundred pounds C) three hundred pounds D) four hundred pounds
Explain the concept of efficiency as it relates to taxation
Colombia produces coffee with less labor and land than any other country; it therefore surely has
A. an absolute advantage in coffee production. B. a comparative advantage in coffee production. C. absolute efficiency in coffee production. D. a comparatively absolute advantage in coffee production.